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In summary, previous oil price surges have resulted in frightening year-over-year inflation figures, as they did this year.
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The unconventional oil industry, which has made it possible to meet the increase in demand over the past decade, is deeply weakened by the current pandemic. The lack of investment will ultimately lead to a decrease in extractions - at least temporary - which risks aggravating the crisis once the pandemic has passed. Stimulus plans should take this into account.
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ExxonMobil reported its biggest-ever quarterly loss on Friday as the coronavirus pandemic slammed demand and prices for oil. The Texas-based oil giant lost nearly $1.1 billion from April to June as COVID-19 caused a historic plunge in oil prices that hammered its production business. That came on the heels of a $610 million loss in …
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The number of oil and gas rigs operating in the United States is expected to hit an all-time low this week – reflecting data going back 80 years – as the energy industry slashes output and spending to deal with the coronavirus-led crash in fuel demand. Last week, the U.S. rig count was just four …
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The oil market may look like a dollar-store clearance rack — but that doesn’t mean investors should buy up barrels like they’re out-of-season Easter candy. Rock-bottom prices have piqued the interest of would-be oil barons who furiously googled tips this week on how to bet on crude. They could usually do that through exchange-traded funds …
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US stocks and oil prices rebounded Wednesday as the US government and several states unleashed fresh initiatives to combat the coronavirus fallout, including nearly $500 billion in federal stimulus. The Dow Jones industrial average climbed as much as 475.73 points, or 2 percent, to 23,494.61 in early trading after shedding more than 1,200 points in …
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Oil prices continued a historic plunge Tuesday as the coronavirus pandemic’s stranglehold on demand for fuel showed no signs of loosening any time soon. June futures contracts for West Texas Intermediate crude oil plunged as much as 68 percent to $6.50 a barrel — the lowest price in at least 50 years. And the May …
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US stocks dropped again Tuesday as pressure from the coronavirus crisis pushed oil prices down even further. The Dow Jones industrial average sank as much as 606.64 points, or 2.5 percent, in early trading with crude oil prices at historic lows. The S&P 500 and the Nasdaq also posted early losses as large as 2.6 …
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Got a big swimming pool that’s empty and you don’t plan to use? Well, here’s a money-making idea that your town and neighbors will hate. Fill it with crude oil. Here’s how bizarre the oil market was on Monday. The price of a barrel of crude oil declined to a negative $38. NEGATIVE $38! That …
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US stocks sank Monday as plummeting oil prices mitigated Wall Street’s optimism about the coronavirus crisis. The Dow Jones industrial average tumbled as much as 507.39 points, or about 2.1 percent, at the open after posting gains for two consecutive weeks. The S&P 500 fell as much as 1.5 percent in early trading while the …
In summary, previous oil price surges have resulted in frightening year-over-year inflation figures, as they did this year.
