C&P: The Effects of the Global Recession and Credit Squeeze on the Petroleum Industry
The Effects of the Global Recession and Credit Squeeze on the Petroleum Industry
We are clearly in the midst of the most recessionary economic environment in recent history. What makes this global recession especially alarming is the meltdown of securitization markets and the consequent credit squeeze. The economic environment has already had a striking effect on crude prices, where prices have fallen by a remarkable two-thirds in a couple of months. What is the prognosis for the global economic environment in the short- and medium-run? And how will the economic crisis affect oil and gas prices in the near future? Most importantly, what are the implications of this environment for investment and project evaluation in the oil and gas industry?
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