Friday, February 27, 2015

No oil bust: Why some say this time is different | HoumaToday.com

No oil bust: Why some say this time is different | HoumaToday.com: "It's not like the oil bust of the 1980s. Ask workforce analysts, economists or local officials about the current oilfield slowdown and that's what they'll tell you. U.S. benchmark crude oil closed Thursday at $48.17 a barrel. The number has fluctuated daily since it hit $45 a barrel in January, down 60 percent from its high of $115 a barrel in June and the lowest point in nearly six years. Analysts' forecasts vary widely; some predict crude will settle above $60 a barrel by year's end, while others say the price hasn't hit bottom. However uncertain the immediate future is, officials agree the economy now is better off than — and because of — the oil bust that devastated Houma-Thibodaux's economy more than two decades ago."

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