Lex Anteinternet: And the Economic news gets starker.

I haven't run one of these grim items on the local economy for a month now, with this being the last one:

Lex Anteinternet: And the Economic news gets starker.:

Lex Anteinternet: Lex Anteinternet: Lex Anteinternet: Lex Anteintern...: And now the price of oil is down to. . . $29.00 bbl.

Wyoming sweet crude is down to about $19.00 bbl.  Wyoming sour crude is
now down to about $9.00 bbl.  It was at $76.00 bbl in June 2014.

Fairly clearly, those are not economically sustainable prices.

There were several intervening bad stories in the meantime, but given at there's been so many, you reach a "what's the point" type of location.

This past week, however, prices went up, in spite of the news that Iran was about to place 4 bbl/day on line.  Some of the OPEC countries and Russia were beginning to get in line, and there was a day when there was a sharp escalation of the price.  Of course, sharp in this context doesn't put the price up around $50/bbl where it seems to need to be, but it was hovering around $40/bbl.

Yesterday, however, it was sinking again.

Today we read in the paper that Ultra has hired Kirkland & Ellis, the bankruptcy firm that shows up in all of these bankruptcies and which we recently read that Chesapeake was consulting with (although they say they aren't taking bankruptcy).  And Cloud Peak (coal, but still in good shape) and Marathon (which downsized earlier) posted losses for the last quarter.

When the price started to climb a bit I thought that perhaps it had sunk to the pint where the low prices were no longer sustainable.  I could have been premature on that.