(USA TODAY)—OPEC’s decision to maintain oil-production levels could threaten financing for some U.S. oil industry expansion and trigger market consolidation in an only-the-strong-survive scenario, economists and analysts said Friday.
The Organization of the Petroleum Exporting Countries’ Thanksgiving Day announcement that it would not cut production in response to weaker prices is seen at least in part as an effort to maintain market share amid competition from U.S. shale oil producers.
The move roiled energy markets in shortened holiday trading Friday, setting off a nosedive in the shares of many U.S. oil companies. READ MORE
(Business Week) – The world’s biggest oil companies faced ruin in the summer of 1931. Crude prices had plummeted. Wildcatters were selling oil from the bonanza East Texas field for a nickel a barrel, cheaper than a bowl of chili. On Aug. 17, Governor Ross Read More
ENID, Okla. (The Washington Post) – Other men bought big houses or new pickups with their oil money. Mike Gillham bought his favorite bar. He heads there most nights, to lug in more beer, to throw darts with his regulars, to smoke Camels and sit with Read More
(Bloomberg) – As the oil industry takes stock of Royal Dutch Shell Plc’s $70 billion move for BG Group Plc, one company has more to chew on than most. BP Plc, the U.K.’s most storied oil producer and prime mover in previous rounds of Read More