With all the hype around American “energy independence” in recent years, few in mainstream energy circles have dared call-out the underlying exposure and structural weakness of the unconventional oil and gas industry – which must guarantee a certain price per unit or barrel in order for producers to turn a profit. At these present levels, the industry is heading for a collapse.
— Read on 21stcenturywire.com/2020/03/12/joint-russia-saudi-oil-price-move-could-crush-a-fragile-fracking-industry-in-u-s/
Tag: Shale
White House Officials Discuss Market Collapse, Coronavirus With Oil Lobbyists
US Suspends Sale of Crude Oil From Strategic Reserves
The remarks come after the DOE said in a statement on Tuesday that the planned sale was aimed at raising “revenue for SPR facility maintenance and upgrades”.
“Given current oil markets, this is not the optimal time for the sale. The Department continually monitors and evaluates global oil markets and will provide updated information as market conditions change”, the statement said.
Ms. Cat’s Chronicles 