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Pxtl@lemmy.ca

Why oil prices could crash more than 50% in the next 2 years (www.businessinsider.com)

submitted 3 weeks ago* (last edited 3 weeks ago) by streetfestival@lemmy.ca to c/worldnews@lemmy.ca

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Canada should build more taxpayer-funded pipelines to increase fossil fuel oligarch wealth! /s

Oil has largely languished this year, but the next two years could be much tougher for crude producers if JPMorgan's latest forecast is correct.

The price of oil is down 15% this year, and JPMorgan analysts say the commodity is staring down a problem from Economics 101: when supply exceeds demand, prices are likely to fall.

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[–] SaveTheTuaHawk@lemmy.ca 2 points 3 weeks ago

Europeans are racing to get off petrol cars.