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2016-01-05 16:30:00

DRAMATIC U.S. OIL

DRAMATIC U.S. OIL

In any assessment of the oil price crash, it is worth remembering Shakespeare's aphorism: "What's past is prologue".

In 2015, it appeared that the salient features of the US oil industry were: falling costs and rising productivity, which meant total output fell only gently from its April peak; continued investor support for capital raising (at least in the first half of the year); sluggish merger and acquisition activity; and a sharp rise in bankruptcies (but only a few with debts above $2bn). This prompted talk about the resilience of US shale oil, with some justification. Fears — or hopes — that shale production would rapidly dry up have turned out to be misplaced.

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Tags: USA, OIL, GAS, PRICES
Chronicle:
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