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| Home Front: WoT |
| Plunging oil prices 'could go even lower for even longer' |
| 2017-06-21 |
| h/t Instapundit Oil continued its month-long tailspin Tuesday, as the energy industry braced for the possibility that prices aren't stabilizing anytime soon. Falling prices could temporarily constrict the rapid growth of U.S. oil production, but energy industry experts don't expect a significant pullback. American oil producers cut costs during the last downturn spanning from late 2014 to early 2016, which keeps them profitable even at lower oil prices that might have previously shut down wells. The possibility of what the energy industry calls a "lower-for-longer" scenario is gaining ground. It could accelerate the auto industry's transition from fuel-efficient cars to thirstier sport-utility vehicles and give Americans unexpected savings in their summer travel budgets, while also raising the prospect of energy worker layoffs if prices dip further. The price of West Texas Intermediate, the U.S. benchmark crude, dipped below $43 per barrel in afternoon trading Tuesday, a level not seen since last August. It settled at $43.23, down 97 cents on the day. Less than a month ago, oil was trading above $50 and experts were projecting prices of $60 to $70 later this year. That now looks unlikely. I'm still waiting for the usual suspects to start collecting aid for "starving Saudi children" in front of TAU - I'm keeping several one agora pieces (a coin no longer in use) especially for this |
| Posted by:g(r)omgoru |
| #3 And yet, in Northern California , Shell regular is topping $2.94 With another 18 cents in state taxes come November. Pricing by zip code. |
| Posted by: NoMoreBS 2017-06-21 20:59 |
| #2 Defund terror and Russia. Frackers hiring and drilling. What's not to like? |
| Posted by: Iblis 2017-06-21 18:04 |
| #1 Oh gee darn.... OPEC starves. Have you hugged a fracker today? |
| Posted by: DarthVader 2017-06-21 15:38 |