27 Dec '15, 7pm

The Case for $20 Oil: Oil prices have dropped to $35 a barrel, down from over $110 in 2011. The tren...

According to the consultancy Wood Mackenzie, about a third of oil production in the U.S. states, not including Alaska and Hawaii, comes from companies that have borrowed against their oil and gas reserves and that face redeterminations of their borrowing base. Banks recalculate the value of reserves for their oil company clients twice a year, in the spring and in the fall. Forecasts for the October redeterminations are dire. Last month, a survey conducted by the law firm Haynes and Boone predicted a 39 percent decrease in the oil companies’ borrowing ability, with 79 percent of borrowers expecting a decrease.

Full article: http://peakoil.com/consumption/the-case-for-20-oil

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