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Bloomberg: The Price of Oil Is About to Blow a Hole in Corporate Accounting.

“Using current prices instead of the SEC-prescribed $95 a barrel would erase $13.8 billion, or 61 percent, from the value of Continental’s oil and natural gas properties. It would also mean that 10 percent of the company’s reserves, the equivalent of 135 million barrels, would be too expensive to pump with prices where they are, the company said in the filing.” Question is, how will this ripple out into the general economy? We can already see a reduction in tourism from Texas and other drill-baby-drill areas since December.

03/09/15 • 03:17 PM • Economics • Environmental • Politics • No Comments

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