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AMRC, CRWE.OB, IDA, PPWE.OB, NKE, - CRWESelect.com Stock Report! Ameresco, Crown Equity Holdings Inc., IdaCorp, Proper Power
Crude futures ended at their lowest point this month Friday, as investors fled riskier assets after regulators charged Goldman Sachs with fraud. West Texas Intermediate (WTI) crude for May delivery settled down at $83.24 a barrel on the New York Mercantile Exchange (NYMEX), the lowest settlement since March 30.
There Will be No Economic Recovery as the Era of Cheap Oil Comes to an End
When oil crossed $120 a barrel for the first time in May 2008, oil cornucopians knew they were in trouble. Prices had quadrupled in just five years, yet had failed to bring new production online. Regular crude had flatlined around 74 million barrels per day (mbpd). The case for peak oil was looking stronger with every new uptick in crude futures.
The recent multi-week selloff in equities has certainly not been an isolated event. We’ve also seen commodities taking it on the chin as well. Whether you want to blame the bearish move in crude oil on the resurgent dollar or as a sympathetic move to equities, the fact remains that oil has retraced approximately 50% of its run from the July lows of $58 to the January highs of $84.