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Low oil prices threaten global projects

Posted on 23 October 2008

From Theglobeandmail.com: The threat of a deeper recession triggered by the global financial crisis has pushed oil prices to a low not seen for 16 months, destabilizing the economics of new energy projects around the world.

Crude prices fell $5.43 (U.S.) to $66.75 a barrel yesterday — the lowest price since June 13, 2007 — after the U.S. Energy Information Administration said its oil reserves rose by 3.2 million barrels last week, well above industry expectations. The higher stock figures indicate slumping demand in the U.S., the world’s largest oil consumer….. Full Article: Source


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