OIL PRICES ARE GETTING SCARY: FORMER SHELL OIL PRESIDENT

Former Shell Oil President John Hofmeister on the decline in oil prices.

The collapse in oil prices, now hovering around $45 per barrel in the U.S., is terrifying, according to former Shell Oil President John Hofmeister.

“It’s getting to a scary point,” he said during an interview on FOX Business’ Varney & Co Opens a New Window. . “If we get below $40 we’ll see rapid stopping of drilling because the companies simply can’t afford it.”

The drop in oil is also a warning sign for the global economy. Viable prices, according to Hofmeister, range from $50 to $60 a barrel. . . . prices sunk to a 17-month low on Friday, down about 24 percent this year . . .

https://www.foxbusiness.com/energy/oil-prices-are-getting-scary-former-shell-oil-president