Oil companies make do with breaking even
A few years ago, oil prices were hitting record highs. A barrel of West Texas Intermediate went for $107 dollars in the summer of 2014. Then, there was a fracking boom in the U.S., a worldwide oil supply glut and prices collapsed. Many oil producers went out of business. But oil prices are now picking up. Prices are hovering around $50 dollars a barrel and oil companies are adjusting to the new normal.
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