Low Crude Oil Prices
Study Released February 24, 2016
Commodity Report - Crude Oil - January 2016
The oil industry, with its history of booms and busts, is in its deepest downturn since the 1990s (Figure 1). Earnings are down for companies that made record profits in recent years, leading them to delay or cancel projects and sharply cut investment in exploration and production. Many companies are struggling to keep up and thousands of oil workers have lost their jobs. The cause is the plunging price of a barrel of oil, which has
fallen more than 70 percent since June 2014..... Download full report.