Is $140 oil in the works again?
By Bill Loveless Oil prices, which hit a record $140 a barrel in 2008, could reach that level again within three years because of insufficient investments in exploration and production around the world, the professional services firm PwC warns in a new report. “While we’re not in the business of predicting the price of oil, the foundation exists to suggest that oil prices could rise over the next three years, potentially hitting new record highs of $140 (a barrel),” PwC says in a report on U.S. oil and natural gas deals released July 26. Oil producers have been reducing investments since 2015, a trend that continues today, causing “a pause” in exploration and development and “creating a lag in the development of new barrels,” PwC says. “Looking ahead at the next five years, the shortage of supply is clear, yet…
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