U.S. energy companies have defied financial gravity for more than a year, borrowing and spending billions of dollars to pump oil, even as crude prices plummeted. Until now.
Richard Thaler: the less attention you pay, the more money you’ll have (interview) (LINK)The oil patch is expected to finally face a financial reckoning, experts say, with carnage occurring as early as this month. One trigger: Smaller drillers are bracing for cuts to their credit lines in October as banks re-evaluate how much energy companies’ oil and gas properties are worth. But with oil trading below $45 a barrel, bigger oil outfits are struggling to stay profitable, too.
Related book: Misbehaving: The Making of Behavioral EconomicsAnd as another reminder that life is short: Scott Dinsmore, I Miss You Deeply - by Leo Babauta [Scott's last post on his blog is HERE. His TED Talk is HERE. And the video he recommended in his final post: Look Up.]