Submitted by christian on Tue, 01/06/2015 - 12:15
Crude oil now trades at below $50 , another psychological threshold for the market. Experts now predict oil could go as low as $40 or even $ 30 a barrel. While that's great for U.S. consumers, there comes a point when sustained low prices begin to really hurt energy company stocks and jobs in the U.S. and other countries around the world. Lower prices are also pinching the oil industry, including the previously red –hot Texan economy and high-cost U.S. shale and Canadian oil sands producers. Several thousand layoffs in the energy sector have already been announced.
