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Thursday, January 14, 2016

Oil Briefly dips Below $30, 1st Time since 2003

There aren't many people who feel bad for oil companies. But the implosion in oil prices -- which briefly pushed the price of crude below $30 a barrel Tuesday for the first time since 2003 -- is causing a profit decline that almost invokes pity.

The companies in the Standard & Poor's 500 energy sector are expected to lose a collective $28.8 billion this calendar year, down from $95.4 billion in net income earned during the industry's bonanza year of 2008, according to a USA TODAY analysis of data from S&P Capital IQ.

That's a $124 billion swing against energy companies - and one you're probably enjoying at the pump. The analysis includes only the 36 S&P 500 energy companies that reported net income in 2008.

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3 comments:

  1. Good keep going, They have made there Trillions over our military blood and treasurer it should be ZERO.

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  2. I'm supposed to feel bad for them? Did they feel bad for us when we were paying close to $4 a gallon?
    Don't get get too excited. Once the auto manufacturers have met their sales quotas, gas prices will go back up.

    ReplyDelete
  3. good. I hope they all go bankrupt. We have other, better, alternative fuels available. It's past time we started using them.

    ReplyDelete

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