January 20, 2016
By Adam Shell
The sell-off (click here) that has engulfed global stock markets early in 2016 intensified Wednesday, with oil breaking below $28 a barrel for the first time since 2003, the Dow plunging about 300 points, Japanese stocks skidding into bear market territory and European shares shedding 3%.
Sparking Wednesday's stock sell-off around the world were many of the same worries that have dragged down shares all year: fears of slowing growth around the globe and the continued plunge in oil at a time when markets are craving stabilization in the oil patch. U.S.-produced crude was down $1.05 a barrel, or 3.7%, to $27.37, its lowest level since September 2003....
The Republican cronies have been crying to open international markets to our oil. How completely stupid was that idea?
Now, there is a glut of oil everywhere and the only ones that will survive are the countries of the middle east that have sovereign authority to their selling price.
According to the petroleum industry itself there are 36 bankrupt companies as of November 2015.
The only people making money in Texas are the lawyers.
Whew. Dodged a bullet–this year. (click here) Haynes and Boone, LLP is an international corporate law firm with offices in Texas, New York, California, Colorado, Washington, D.C., Shanghai and Mexico City. Their HQ is in Texas. The firm has a sizable Bankruptcy and Energy practices. Unfortunately those two practices are increasingly becoming one, and the firm says they’re adding lawyers to the Bankruptcy practice. Last week Haynes and Boone issued their very first Oil Patch Bankruptcy Monitor (full copy below), a report that details the rising tide of 2015 exploration and production company Chapter 11 filings. The report lists 36 bankruptcies in 2015 totaling about $13 billion in cumulative secured and unsecured debt. With fear and trepidation we reviewed the list–and found that none of the companies listed have major, nor even minor, operations in the Marcellus/Utica. However, that may not remain the case…
This is Business 101 stuff. Supply and demand. Flood a market and there goes the profit. The petroleum industry has been on 'cash flow' since 2005 when Peak Oil occurred.
The petroleum industry has been running on inflated egos and politicians. Where are the jobs? You know, all those "Drill, babe, drill" jobs.
Everyday that goes by there are more and more petroleum industry companies declaring bankruptcy. These are the geniuses of Wall Street. They run and hide among commodities when they have blown up a bubble. Now, the commodities are losing their value. Why? Because the geniuses of Wall Street is a lie. There are no geniuses of Wall Street. Moral people go to work for Wall Street and leave because they can't live with themselves.
Defendants (click here) could face the death penalty in Bangladesh if found guilty over disaster in which more than 1,100 people died.
This is Wall Street. The saviors of the poor.
See the truth is the USA has regulations and standards and minimum wage and all those that can't really create new profit for a company choose to exploit a country hungry for OPPORTUNITY. The problem is poverty wages and poverty construction achieves nothing for the people victimized by Wall Street.
I wonder what Davos will have to say this year? Should there be an INVESTMENT cost upfront for the countries of the impoverished to be sure people actually improve their standard of living and live through it.
By Adam Shell
The sell-off (click here) that has engulfed global stock markets early in 2016 intensified Wednesday, with oil breaking below $28 a barrel for the first time since 2003, the Dow plunging about 300 points, Japanese stocks skidding into bear market territory and European shares shedding 3%.
Sparking Wednesday's stock sell-off around the world were many of the same worries that have dragged down shares all year: fears of slowing growth around the globe and the continued plunge in oil at a time when markets are craving stabilization in the oil patch. U.S.-produced crude was down $1.05 a barrel, or 3.7%, to $27.37, its lowest level since September 2003....
The Republican cronies have been crying to open international markets to our oil. How completely stupid was that idea?
Now, there is a glut of oil everywhere and the only ones that will survive are the countries of the middle east that have sovereign authority to their selling price.
According to the petroleum industry itself there are 36 bankrupt companies as of November 2015.
The only people making money in Texas are the lawyers.
Whew. Dodged a bullet–this year. (click here) Haynes and Boone, LLP is an international corporate law firm with offices in Texas, New York, California, Colorado, Washington, D.C., Shanghai and Mexico City. Their HQ is in Texas. The firm has a sizable Bankruptcy and Energy practices. Unfortunately those two practices are increasingly becoming one, and the firm says they’re adding lawyers to the Bankruptcy practice. Last week Haynes and Boone issued their very first Oil Patch Bankruptcy Monitor (full copy below), a report that details the rising tide of 2015 exploration and production company Chapter 11 filings. The report lists 36 bankruptcies in 2015 totaling about $13 billion in cumulative secured and unsecured debt. With fear and trepidation we reviewed the list–and found that none of the companies listed have major, nor even minor, operations in the Marcellus/Utica. However, that may not remain the case…
This is Business 101 stuff. Supply and demand. Flood a market and there goes the profit. The petroleum industry has been on 'cash flow' since 2005 when Peak Oil occurred.
The petroleum industry has been running on inflated egos and politicians. Where are the jobs? You know, all those "Drill, babe, drill" jobs.
Everyday that goes by there are more and more petroleum industry companies declaring bankruptcy. These are the geniuses of Wall Street. They run and hide among commodities when they have blown up a bubble. Now, the commodities are losing their value. Why? Because the geniuses of Wall Street is a lie. There are no geniuses of Wall Street. Moral people go to work for Wall Street and leave because they can't live with themselves.
Defendants (click here) could face the death penalty in Bangladesh if found guilty over disaster in which more than 1,100 people died.
This is Wall Street. The saviors of the poor.
See the truth is the USA has regulations and standards and minimum wage and all those that can't really create new profit for a company choose to exploit a country hungry for OPPORTUNITY. The problem is poverty wages and poverty construction achieves nothing for the people victimized by Wall Street.
I wonder what Davos will have to say this year? Should there be an INVESTMENT cost upfront for the countries of the impoverished to be sure people actually improve their standard of living and live through it.
