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Follow RT on With oil prices rising to levels not seen in over two years, US shale, bouncing off one of its worst-ever years, could be looking at record profits in 2021.
Oil execs and producers are historically pretty good at making money. Oil is a roller coaster of an economic sector, based on a boom-and-bust model. Bankruptcy and insolvency are not uncommon occurrences out in the oil field, but even in the lean times, there are plenty of industry insiders making a buck, even as their own company goes down in flames.
This was even the case in last year’s historic oil crash, when companies across the West Texas Permian Basin went belly up on the heels of “Black April,” when oil prices actually went negative in a global first. Due to a drop in oil demand spurred by the spread of the novel coronavirus, the leaders of OPEC+ started to talk strategy. These talks turned into disagreement and then an all-out oil price war between the leading members of Russia and Saudi Ara
U S Shale Eyes A $60 Billion Year oilprice.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from oilprice.com Daily Mail and Mail on Sunday newspapers.