The oil and gas industry can be incredibly volatile but it all comes down to the basic economic fact of supply and demand. Petroleum engineers have brought the industry a long way in the last 10 years with new and more efficient extraction methods, and these methods have increased the supply of petroleum.
The consensus is looking brighter in the long-run because crude oil prices have jumped around 70% since the low point in January 2016. At the price point of $50-60 per barrel, we anticipate this triggering the approval of new projects that have been idled in the past, and we are very close to this point now.
Smart companies who have been saving and conserving their cash and key employee positions will be most prepared to hit the ground running when the economics allow. The demand for related equipment is at a low point, which has driven their prices downward, so the first companies to gear back up will reap the best benefits in the beginning. MyMarineTracker can help before prices are driven back up again! We invite you to review our featured items, and if you don’t see what you are looking for, please contact us today!
Thank you, Doug Shupe