FORBES | “The bottom is past and a long recovery now underway,” wrote Credit Suisse oil analyst Bill Featherstone in a research note Friday.
Really? Could the worst truly be over for the oilpatch? Ten weeks into the Coronavirus crisis, and a month after crude oil prices dropped below zero, the price of West Texas Intermediate crude is now at $35. America’s oil producers have slashed output and cut $400 billion from capital spending budgets. The pace of drilling is down more than 80% from the peak of the Great American Oil Boom that saw output more than double in less than a decade.
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