Instead of burning it, why don't just give it to people in need? The fact that burning can cause many negative effect to our environment - to the atmosphere and ozone layer, there are also many countries in need of oil. I think it will be best if the government will just give it to people in need.
And you some with a stupid idea to a stupid scenario!
You want a barrel of oil, good...let me know what you plan to do it with it!
And those countries in need of oil they could have simply just taken the oil away, but now, right now nobody wants oil, everyone is full with reserves, refineries are filled with gasoline as people have stopped riven cars, there is nothing you can do with oil right now, that's why it is so cheap and futures went into negatives.
https://www.investing.com/news/commodities-news/us-oil-plunges-25-as-storage-fears-reappear-2152319And production cuts are coming. The much-anticipated production cuts by OPEC and its global allies officially begin on Friday. The GLOPEC arrangement has committed to cut at least 9.7 million barrels per day. Kuwait, OPEC's fourth-largest producer, says it has already begun cutting ahead of the group. So has Nigeria, because there's just nowhere to put any more of its oil. U.S. drillers have shed 305 oil rigs over six weeks, wiping out technically 45% of operating shale output.
In Russia, the industry is even considering resorting to burning oil as the fastest means to dispose of supply, sources told Reuters.
Burning oil in thermal power stations, which Russia doesn't lack, and most of their old power stations can be easily converted from coal to burn fuel oil.
Most oil wells can be easily managed, in most countries they are already pumping either water or gas or different mixtures to keep the il coming up, this can be reduced while keeping the well alive, the only problems would appear in freezing weather (it's summer in the northern hemisphere by now) and in deep-sea drilling. It makes no sense burning the oil, as it will be lost anyhow this way.
Burning oil and wasting it instead of giving it away to the people for free.
That's how capitalism works.
No, this is how cartels and socialism works.
Most of those oil companies are controlled by the state, so it's not anything like capitalism, it's pure centralized planned economy, socialism!
So, you're angry at exactly the opposite thing.