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caseyresearch.com / Justin Spittler / March 21, 2016
Americans are falling behind on their car payments…
If you’ve been reading the Dispatch, you know the price of oil has plummeted as much as 75% since June 2014. Two months ago, it hit its lowest level since 2003.
Since then, oil has rebounded 45%. But even after that big bounce, oil is down 61% from its 2014 high.
• The world has too much oil…
New technologies like “fracking” have unlocked billions of barrels of shale oil that was once impossible to extract. From 2007 to 2014, oil production in U.S. shale regions jumped eight-fold.
For a while, this led to a huge boom in shale oil stocks. Occidental Petroleum (OXY), the largest U.S. shale company, jumped 158% from 2007 to June 2014. EOG Resources (EOG), the second-largest, surged 300%.
• But when oil prices crashed, oil stocks crashed, too…
The Market Vectors Unconventional Oil & Gas ETF (FRAK) has plunged 58% since June 2014. This fund tracks U.S. shale oil and gas companies.
Shares of the world’s five biggest oil companies—Exxon Mobil (XOM), Chevron (CVX), BP (BP), Total SA (TOT), and Royal Dutch Shell (RDSA.L)—have fallen an average of 29% over the same period.
Schlumberger (SLB), the world’s largest oil services company, has plunged 36%. Oil services companies sell “picks and shovels” to the oil industry.
The post Subprime Loans Are Back…And These Popular Stocks Are Exposed to Them appeared first on Silver For The People.
Thanks to BrotherJohnF
