It's an unprecedented time with the global pandemic and oil prices that dipped below $0 on Monday, for the first time ever. 

Steve Cook with Cochrane Wealth Management of Raymond James talks about how this affects the economy and investors.

"The price of oil continued to decline despite an OPEC+ deal that included a daily production cut of 9.7 million barrels. Reduced demand due to the COVID-19 outbreak was seen as being too large a factor for this supply cut to overcome."

"With storage filling up, the price of oil for immediate delivery has tanked. Stuck without the means or desire to take physical delivery of the crude purchased via futures contracts, the pricing oddity reveals a sort of ‘get me out at any cost’ capitulation."

"On the surface, deeply discounted fuel should be great news, especially as we find ourselves at the precipice of recession. It means we can fill our cars on the cheap. Lower haulage costs would, at least in theory, mean cheaper food and consumer goods. It could help margins among the embattled retailers, and, generally, put a bit of bang onto every consumers’ buck."

He says a lack of investment today creates a supply shortage in the future. In due course, that turns to a bubble of higher prices, driving over-investment to tip the market back into oversupply.

"I would suggest stick with the largest most financially sound oil companies so that if this current state of depressed oil prices persists the company can weather the storm and come out the other side."

When it comes to some much needed relief Cook says "Low oil prices is usually the cure for low oil prices. With low oil prices comes reduced production, thus resulting in the boom and bust cycle of oil and commodities in general. So I would assume more dramatic production cuts to be coming."

Cook is recommending that investors stick with their long-term investment plan. 

"The fact that markets have recovered as much as they have from their recent lows serves as a great example of the dangers of trying to time market moves, rather than staying invested for the long term."

"By sticking with our long-term plan, we have had the luxury of avoiding this unpleasant surprise – when those who have pulled their money out must watch a bounce back that they are not involved in. This is not to say that we know the direction the market will take tomorrow or in the days and months to follow. In fact, it is precisely for this reason that we stay the course, allowing our plan to ride the waves during the good times and bad."