The oil bust that has cost the United States roughly 70,000 energy jobs has become more severe than any downturn in 45 years, Morgan Stanley said Monday, as crude prices fell a sixth day.
American drivers are turning their backs on better mileage.
People loved to leave this town. Kids grew up and got out. Take me to Minot, they would say. To Fargo or Bismarck. Anywhere but this emptiness. Then the boom began and the world came to them.
Food vs. fuel. It’s an argument you’ve likely heard before, and you’re likely to hear again. People in the world are still going hungry, so we shouldn’t be using crops to make fuel. The corn grown in the United States should be going into the bellies of starving children, not our gas tanks. Read more →
Oil fell for a fifth straight day on Friday, losing 10 percent on the week, and Goldman Sachs said more losses were needed to force producers to cut supplies adequately to balance the glut and bleak demand outlook in the market.
Americans are eating, smoking and drinking away their savings from cheap gasoline, and if that’s not great news for their doctors it’s handing windfall revenue to companies from Monster Beverage Corp. to tobacco giant Altria Group Inc.
Picture this.
You’re driving down the road and you notice your tank is almost empty — time to fill up. Read more →
If low oil prices are a gift to U.S. consumers, why isn’t the U.S. economy growing faster?
Some analysts say the tensions in the Middle East are more likely to prompt the Saudis and Iranians to boost output in an already saturated global market.
The effects of the fall in the oil price are still only beginning to work through. All we have seen so far is the prologue to what are likely to be more dramatic events in 2016.
