We want low gas prices and it's a shame to read about all the bankrupt businesses coming due to the bottom dropping out on price per barrel for oil.
Of course, all of this mess could be corrected with one key nuke placement over there, major war breaks out, oil prices hit the sky, and a few chosen Americans immediately become billionaires... again.
You know, the LOVE
of money is the root of all evil. Is all of this crap evil, you betcha!!!
Oil Plunge Sparks Bankruptcy Concerns
"The oil glut is expected to continue well into 2017, according to several banks, analysts and industry executives."
"Energy companies that took on huge debt loads to finance their slice of the U.S. drilling boom have no choice but to keep pumping to generate cash for interest payments."
"Some of the strongest operators with superior assets have locked in oil prices well above $50 a barrel this year through hedges, which serve as a kind of insurance policy against low prices."
Cramer Remix: The worst stock in the world
Jim Cramer said...
Oil must stop going down. Bankruptcies and reorganizations must occur this year because a lot of companies are in distress. Players such as Petrobras, Chesapeake and Freeport-McMoRan are running out of capital and may have a hard time paying debt.
"It all comes due in 2016 if oil doesn't stop going down, and I don't think it will without a huge geopolitical crisis occurring in the Middle East,"