20.03.2015 - The World's Biggest Oil And Gas Companies
Big Oil is in a panic. The global price of crude has fallen further and faster than anyone could have predicted. At $43 a barrel oil is down about 70% from June 2014. Record oil supplies have outstripped demand, and now storage tanks are filling up. By June we might just run out of room to stick all this crude. If that happens $43 a barrel might look great compared with how far oil prices could fall. It’s remarkable that the world finds itself swimming in Too Much Oil. A decade ago Earth was using about 83 million barrels per day. That’s grown to 93 million bpd now. Remember back in 2008 when the worryworts were prognosticating that record prices of $147 were just the beginning of a Peak Oil super spike? We don’t hear much of them anymore...............................................Full Article: Source
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