Goldman Sachs says oil could fall to $20 a barrel
US investment bank expects oversupply to continue into next year
Terry Macalister Energy editor The Guardian
Friday 11 September 2015 17.33
The price of oil could more than halve again, to just $20 (£13) a barrel, experts at Goldman Sachs are predicting, a shift which would spell big savings for motorists but cast doubt on the viability of North Sea oilfields.
Homeowners, motorists and many industries would gain although a further price collapse could prompt thousands more job losses in the struggling North Sea sector and could eventually hit Treasury tax revenues.
Oil prices could fall to $20 a barrel says Goldman Sachs – as it happened
…but the IEA thinks OPEC’s strategy is working and forcing expensive oil out of the market.
The value of the benchmark West Texas Intermediate crude has already fallen from $107 last June to less than $44 but analysts at Goldman Sachs forecast another huge plunge in WTI. It last traded at $20 a barrel in 2002.
Cuadrilla Resources has today announced it is to appeal against the refusal of its plans to drill, frack and test the gas flow at two temporary exploration sites in Lancashire.
There is no need for fracking, anywhere in my country. There is no national interest case. It cannot happen by consent.
Encouraging discussion and movement to offer an alternative to Lancashire over Fracking.
Inspiration has been taken from RepowerBalcombe.
Environmental groups furious as chancellor sets 30% rate for shale gas producers in bid to enhance UK energy security
Will this spark off the demise of renewables?
What will this government do next to ensure we are fracked to death!! (see the post on the new tax breaks for Fracking)
The map below shows the areas of the UK currently licensed and under consideration for licensing. Enter your postcode and see if your neighbourhood is at risk from fracking.