Oil heading below 60 again


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Posted by russsmith on April 15, 2025 at 07:55:40

As a result US companies are now closing oil rigs. The Permian Basin in Texas has it's fewest active rigs since 2021 during the pandemic and are closing more. They lose money if they drill too much below 60 a barrel and so they are closing.

Genius right Trump drilled so much he got the price of oil down, except again he's NOT drilling, they're drilling less, the price is dropping because they expect a recession and that demand will drop and keep dropping. Forecast now is 59 a barrel for 2025 and 55 for 2026. So yeah gas prices will come down if they aren't yet, but not because of anything good Trump did, because they think he's caused a recession


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