The Oil Industry's Slick Slope and the Race to the Bottom, by Dawn Bennett
Oil producers are on a race to the bottom, and it is an oily, slick slope. Prices continue to drop, now almost fifty percent of the high of over a hundred dollars a barrel earlier this year, and collateral damage continues, affecting companies and jobs, especially in oil producing states, where initial jobless claims surged last week. The oilfield services company Baker Hughes publishes a count of operating oil rigs in the United States each week, and this week's numbers...
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