There is a glut of crude oil on the market. Energy stocks tanked today and crude oiled closed at less than $40 barrel.
http://www.nytimes.com/2015/12/08/busine....html?_r=0
http://www.nytimes.com/2015/12/08/busine....html?_r=0
Quote:OPEC Won’t Cut Drilling, and Prices Plunge 5%
Quote:HOUSTON — Crude oil prices slid a further 5 percent on Monday to fall to their lowest levels since the 2009 global recession, pummeled by the fading chance that Saudi Arabia would cut production to halt the commodity’s yearlong slide.
In only 16 months global oil prices have collapsed from over $110 a barrel to less than half that, and the oil industry in the United States and around the world is reeling from its worst crisis since the late 1990s. On Monday, the American benchmark broke the $38-a-barrel mark, a price that makes drilling and completing wells a losing proposition in almost all oil fields around the country.
