Economy 52,837 Posted January 22, 2016 Share Posted January 22, 2016 http://www.bbc.com/news/business-35355286 42 Oil Companies in the US and Canada have declared bankruptcy in 2015. This year the number of companies expected to go bankrupt is even higher Canada is the highest cost producer in the world and thus some companies are under severe strain. As for the United States, the shale boom being so recent means companies still have huge start up debt loads and can barely pay off interest with such low cashflows. As a result US Frackers are going deeper and deeper in the hole With Irans come back and Saudi Arabias price war to destroy the new competition, oil prices are expected to remain low Link to post Share on other sites More sharing options...
PaperIz 7,354 Posted January 22, 2016 Share Posted January 22, 2016 Bad for the oil companies, but I'm enjoying the low prices lol Human generated art Link to post Share on other sites More sharing options...
Economy 52,837 Posted January 22, 2016 Author Share Posted January 22, 2016 2 minutes ago, PaperIz said: Bad for the oil companies, but I'm enjoying the low prices lol Not just the oil companies. The 93,000 people fired in the oil sector and others fired in service providers arent enjoying it lol Link to post Share on other sites More sharing options...
Sudarshana 581 Posted January 22, 2016 Share Posted January 22, 2016 and my dad, who works in an oilfield services company, got transferred to dubai along with many of his colleagues low oil prices destroy families Nous sommes tous obligés, pour rendre la réalité supportable, d'entretenir en nous quelques petites folies. — Marcel Proust Link to post Share on other sites More sharing options...
PaperIz 7,354 Posted January 22, 2016 Share Posted January 22, 2016 6 minutes ago, Economy said: Not just the oil companies. The 93,000 people fired in the oil sector and others fired in service providers arent enjoying it lol That's very depressing `~` I feel bad for enjoying the low gas prices now lol Human generated art Link to post Share on other sites More sharing options...
Economy 52,837 Posted January 22, 2016 Author Share Posted January 22, 2016 20 minutes ago, PaperIz said: That's very depressing `~` I feel bad for enjoying the low gas prices now lol Lol if ur a beneficiary its normal to enjoy it my Country (Canada) is being hammered cause of this (oil is by far our biggestexport). But my part of Canada (ontario) benefits from this cause were manufacturing based so low oil prices are good this destroyed my trip plans to NYC tho cause Canadas currency is so useless now cause of low oil prices Link to post Share on other sites More sharing options...
PaperIz 7,354 Posted January 22, 2016 Share Posted January 22, 2016 7 minutes ago, Economy said: Lol if ur a beneficiary its normal to enjoy it my Country (Canada) is being hammered cause of this (oil is by far our biggestexport). But my part of Canada (ontario) benefits from this cause were manufacturing based so low oil prices are good this destroyed my trip plans to NYC tho cause Canadas currency is so useless now cause of low oil prices I'm just so useless when it comes to economics lol. I'm sorry you're not on a good side of it either ;x Human generated art Link to post Share on other sites More sharing options...
Economy 52,837 Posted January 22, 2016 Author Share Posted January 22, 2016 7 minutes ago, PaperIz said: I'm just so useless when it comes to economics lol. I'm sorry you're not on a good side of it either ;x Lol like I said, the part of Canada I live in doesnt get negatively affected job wise. Its actually good for jobs in my area (Toronto area) My province doesnt have a lot if natral resources so we have good old fashioned factories but it still affects the National currency. Thats the only thing that stinks for me cause I like vacations and now its gonna cost more Link to post Share on other sites More sharing options...
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