Oil prices continue to drop
Jun 25, 2012 at 12:09 pm in Business, News by tyler.king
Oil prices are still dropping, and it’s causing some nervousness in the industry.
The price has recently dropped as low as 78 US dollars per barrel.
Peter Linder with Emerging Equities, an investment dealer than specializes in energy, says some companies are already cutting their spending plans, but prices would have to stay low for much longer to see a big impact on the oil sands.
“The medium to long-term outlook, regardless of what happens in the short-term, is still very positive for much higher oil prices,” he said. “So oil sands projects are not in jeopardy, it’s business as usual, barring much more severe collapse in oil prices.”
The price of oil has dropped about 30% in the last 3 weeks.
Published June 25, 2012