US set to lose title as top oil producer as demand plunges and gas drops below $1 per gallon.
The shale expansion has been largely financed by high-yield debt from private equity lenders that don’t have the patience for sustained losses. “They're not willing to invest additional funds in an industry that’s under such significant pressure,” Lipow said.
“Shale production is expected to decline by over a million barrels a day over the next 12 months, and it wouldn’t surprise me if the declines are ultimately more,” Lipow said. “Unlike Saudi Arabia, where the production level is dictated by the government, the U.S. is likely to see a more dramatic decline in its production, given the free market economics.”
This would ordinarily be good news for drivers, but with the country under public health warnings to avoid unnecessary travel and work from home if possible, this is a silver lining few will be able to appreciate. According to, the average nationwide price of a gallon of regular gasoline fell to $1.99 on Friday, and could fall as low as $1.49 by mid-April.
“I think, ultimately, we may see several hundred or so stations in the country at or below $1 a gallon based on current fundamentals, primarily in the Great Lakes or in low tax states in the South,” said Patrick DeHaan, GasBuddy’s head of petroleum analysis.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Angelina Jolie Donates $1 Million to No Kid Hungry to Help With COVID-19 ReliefAngelina's donation will be used to help feed children in low-income families.
Consulte Mais informação »
Kylie Jenner Donates A Reported $1 Million To Coronavirus ReliefThe money will go toward buying face masks and other protective gear for healthcare workers.
Consulte Mais informação »
Elton John Living Room Concert Raises $1 Million for Coronavirus AidElton John’s living room concert with iHeartRadio and Fox raises more than $1 million for Coronavirus relief efforts. See the best moments from the special.
Consulte Mais informação »
Johnson & Johnson Is Already Ramping Up Production On Its $1 Billion Coronavirus VaccineThe pharma giant aims to be ready to go to market immediately once its vaccine has been tested and approved by the FDA. Its vaccine could be ready early next year.
Consulte Mais informação »
Kim Kardashian’s SKIMS Is Donating $1 Million to Families Affected by COVID-19 with Its Biggest Shapewear Restock“It’s our responsibility to give back and do what we can to help others'
Consulte Mais informação »
Fact check: Is the coronavirus being spread 'quickly' via gas pumps?A Facebook post warned users to be careful at the gas station because coronavirus is spreading 'quickly' via pumps. This claim is partly false.
Consulte Mais informação »