WTI crude oil is closing in to $60/barrel. Saudi Arabia keeps cutting production to maintain price. This is good news for now. Permian production keeps going up. The day will come when continued cuts will stop. Then what? You can figure that one out.
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Crude prices still holding their own. Hope it keeps up. Business finally starting to pick up a bit.
Some of Chevron’s finance analysts have even less of a clue. I saw an economic model for a project that forecast oil increasing by about 3% a year in a straight line for 30 years. I wonder what world that analyst was living in.
I can live with $60 oil. It works for the oil industry and oil jobs while still serving the US economy in general; keeping gasoline prices affordable and transportation costs in check. $60 oil is a sweet spot to maintain a good balance for people in the industry and out of it as well.