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When I give you a barrel of oil in exchange for $80, that oil is priced at $80, and that is often phrased as its value. When oil prices went negative in 2020,
by espadrine 3y ago
When I give you a barrel of oil in exchange for $80, that oil is priced at $80, and that is often phrased as its value.
When oil prices went negative in 2020, people were giving both the oil and $30, and so the oil was priced at -$30. Sure, the oil was worth $30 to give away, but the oil was not valued at $30; it was valued at -$30.
Many people sell speech (eg. President Obama has given a speech in exchange for $400K). When you give both money and the speech, just like oil, that infers the price of that speech.