Moment of meltdown for fossil fuels, by COVID-19?
Can oil survive COVID-19-induced market chaos?
Most US shale oil producers budgeted prices $55-65 per barrel for 2020, meaning shutdowns are now inevitable for many heavily indebted firms
It was argued in Forbes, “A six-month spell of ultra-low prices could devalue a big chunk of the $1.9 trillion in energy sector debt, including about $300 billion in bank loans.”
By comparison, value of subprime mortgages held by Americans in 2007 was $1.3 billion. Interesting times.
Bernie McComb, Cowes.
