If this doesnt hold, we could go back to price levels in late 2008 and early 2009 -- down in the $30s. Theres no reason why it couldnt happen, said Darin Newsom, senior analyst at Telvent DTN. That would be good news for the overall U.S. economy, especially consumers who are saving money each time they fill up their gas tanks. If oil fell to around $40 a barrel, that would translate to a national gas average of roughly $1.80 a gallon. Yet 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. Related: JPMorgan warns of oil-fueled recession in Texas
Posted on: Tue, 06 Jan 2015 03:04:45 +0000
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