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Post# of 1989
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tutt1126

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tutt1126

Re: ErnieBilco post# 1951

Wednesday, 09/16/2020 12:58:59 AM

Wednesday, September 16, 2020 12:58:59 AM

Post# of 1989
All usa oil companies ran into bankruptcy due to two:

1. CORONAVIRUS
2. USA oil companies can not compete with OPEC including Russia due to too high in labor cost in usa.

For example
Let's say a barrel of oil is now $40.

OPEC and Russia still make profit from the low value of each barrel
While usa cannot make profit from the low value of each barrel due high cost of debt and high cost of labor

USA can not compete with the other nations in oil markets.
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