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The decline in oil alarms America
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The recent drop in oil prices has sparked panic in the United States, amid fears that this price decline will push for a major crisis that could affect the global economy.
Former oil chief John Huffmeister said the collapse in oil prices, now hovering around $ 45 a barrel in the United States, was "horrifying," Fox Business reported on Saturday.
"If we reach less than $ 40, we will see a rapid halt to drilling, because companies simply can not afford," he said.
"Oil prices that can be acceptable in the market must be between $ 50 and $ 60 per barrel," Hoffmeister said, noting that the fall in oil prices is a warning sign for the global economy.
US crude oil prices fell to a 17-month low on Friday, down about 24 percent this year, and oversupply pushed buyers out of the market.
The fall in oil prices has affected shares of ExxonMobil and Chevron, which have lost between 16 and 18 percent this year.
http://economy-news.net/content.php?id=14852
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