Oil Plunge Sparks Bankruptcy Concerns
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    Exclamation Oil Plunge Sparks Bankruptcy Concerns

    Crude’s plunge to near $30 a barrel fans worries that it could sink a third of U.S. oil producers

    Crude-oil prices plunged more than 5% on Monday to trade near $30 a barrel, making the specter of bankruptcy ever more likely for a significant chunk of the U.S. oil industry.

    Three major investment banks— Morgan Stanley, Goldman Sachs Group Inc. and Citigroup Inc.—now expect the price of oil to crash through the $30 threshold and into $20 territory in short order as a result of China’s slowdown, the U.S. dollar’s appreciation and the fact that drillers from Houston to Riyadh won’t quit pumping despite the oil glut.

    As many as a third of American oil-and-gas producers could tip toward bankruptcy and restructuring by mid-2017, according to Wolfe Research. Survival, for some, would be possible if oil rebounded to at least $50, according to analysts. The benchmark price of U.S. crude settled at $31.41 a barrel, setting a 12-year low.

    More than 30 small companies that collectively owe in excess of $13 billion have already filed for bankruptcy protection so far during this downturn, according to law firm Haynes & Boone.

    Morgan Stanley issued a report this week describing an environment “worse than 1986” for energy prices and producers, referring to the last big oil bust that lasted for years. The current downturn is now deeper and longer than each of the five oil price crashes since 1970, said Martijn Rats, an analyst at the bank.

    http://www.wsj.com/articles/oil-plun...rns-1452560335
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    I have an oil client that is a super smart guy that I have audited for the last two years.

    He sold all his oil and gas leases earlier this year for about $69 million that were on his books for about $30 million.

    He's starting to look really intelligent at this point.
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    Quote Originally Posted by voivod View Post
    Crude’s plunge to near $30 a barrel fans worries that it could sink a third of U.S. oil producers
    Saudis won't slow down. US producers have. We're in better shape.

    http://www.cnbc.com/2016/01/12/saudi...rold-hamm.html
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    US producers usually have a "shut down and wait" plan in effect. They know they can't win a price war with OPEC, so they just hunker down and wait it out.
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    Default Oil Plunge Sparks Bankruptcy Concerns

    Yeah but isn't the usa the top oil producer now?


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    Last edited by fudd; 01.12.16 at 11:11 AM.

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    I don't think at these oil prices we can be for long.

    Our process is more expensive than theirs due to the different geo's. You can dig a ten foot hole and hit oil over there.
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    All I know is that I live in California so I am paying $2.65 minimum per gallon here when the national average is $1.95. Some stations in my area have regular gas from $3.39-$3.89.

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    Wont stay low for long and from the second article posted seems like the attempt to totally destroy North American production aint goona work. Theres going to be some really good buys on domestic companies that survive the attack once it bottoms.
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    Quote Originally Posted by lovemachine97(Version 2) View Post
    All I know is that I live in California so I am paying $2.65 minimum per gallon here when the national average is $1.95. Some stations in my area have regular gas from $3.39-$3.89.
    I just paid 2.47 for premium. Regular is about 1.79


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    Oil is too low, and if it keeps dropping at this rate to $20 or lower and stays low for more than a few months, we (the US) may be in for a bumpy road. It's nice to have gas under $2.00 again, but I don't think a large part of our manufacturing sector, which is already dwindling, can withstand taking more of a beating. Oil needs to be no lower than $40.00 and no higher than $70.00 or $80.00.

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    All I know is with oil dropping so is the Canadian dollar and the price of my disney trip keeps going up

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    Quote Originally Posted by lovemachine97(Version 2) View Post
    All I know is that I live in California so I am paying $2.65 minimum per gallon here when the national average is $1.95. Some stations in my area have regular gas from $3.39-$3.89.
    Don't live in California then!
    If I don't respond to you it means I have you on ignore, which means you are a douchenozzle.

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