Oil at $50: What life looks like in the oilpatch 2 years after prices plummeted
Two years ago, $50 oil would have been considered a nightmare scenario. Even last June, no one in the energy sector would have welcomed it. But two years into the oil price rout, that is the world the oilpatch is living in.
So what does life at $50 US a barrel look like?
The last two years have been a mess for the energy sector. Tens of thousands of jobs have been cut, capital spending dove, drilling is expected to be at a 40-year low, bankruptcies are piling up and cash flow doesn't come close to cover spending.
- Asif Ehtesham