Re: U.S. Secretary of the Interior Ryan Zinke on Thursday issued a secretarial order to deal with the backlog of 2,802 applications for drilling permits on federal land that faced long delays under the Obama administration and its anti-fossil fuel energy
Posted by:
Dr. Memory
()
Date: July 14, 2017 09:30PM
Isn't there a global oil glut? I heard a piece, possibly on Bloomberg, and the petroleum economists/analysts are supposed to be fearful of an oil price crash. Crude has a huge influence on other components of the overall economy. If oil goes to $20 a barrel, which is being discussed as a real possibility, billions of dollars committed in existing contracts goes poof, margin calls go out, investors who can't raise additional funds walk away from their commitments, and the cascade starts. If this were to happen, the chaos might surpass the mortgage meltdown. This is a serious matter.