Source: Casey Research, by Doug Casey
The world’s oil giants could soon do the “unthinkable”…
As you may know, the oil market has been a bloodbath over the past couple years. After topping $100 a barrel in June 2014, the price of oil plunged 75%. This year, oil has rebounded, but it still trades for less than half of what it did two years ago.
Low oil prices have put more than a hundred oil companies out of business since 2014. According to accounting firm Deloitte, hundreds more could go bankrupt if oil doesn’t recover soon.
Plunging oil prices have also slammed the biggest names in the sector. Exxon Mobil (XOM), Chevron (CVX), BP (BP), and Royal Dutch Shell (RDS-A)—four of the world’s largest oil companies—have lost billions of dollars since 2014.
To offset the damage, these companies have cut spending to the bone. They’ve laid off thousands of…
View original post 310 more words