http://www.chron.com/business/energy/article/U-S-oil-prices-settle-above-60-a-barrel-for-the-12462114.php
U.S. oil prices settle above $60 a barrel for the first time since June 2015
Updated 2:17 pm, Friday, December 29, 2017
Winners of the oil price crash
Countries that are net importers of crude oil and industries with high fuel costs are likely to see huge benefits as crude oil remains low.
Winners of the oil price crash
Countries that are net importers of crude oil and industries with high fuel costs are likely to see huge benefits as crude oil remains low.
China
China is second to the U.S. in crude oil consumption per day, so it will benefit from a lower import bill. And China began stockpiling oil at the end of 2014 as it looks to take advantage of future oil shocks, according to Time.
lessChina
China is second to the U.S. in crude oil consumption per day, so it will benefit from a lower import bill. And China began stockpiling oil at the end of 2014 as it looks to take advantage of future oil
... moreIndia
The second most populous country in the world consumes the fourth most barrels of oil per day. Cheaper fuel will help the country grow 7.8 percent, according to Time, likely passing China.
India
The second most populous country in the world consumes the fourth most barrels of oil per day. Cheaper fuel will help the country grow 7.8 percent, according to Time, likely passing China.
The Philippines
Oxford Economics says amongst countries that import more crude than they produce, the Philippines stands to read the biggest rewards. The research firm expects the island nation to see nearly 2 percent GDP growth if oil prices stay low.
lessThe Philippines
Oxford Economics says amongst countries that import more crude than they produce, the Philippines stands to read the biggest rewards. The research firm expects the island nation to see nearly 2
... moreTanking companies
Oil and natural gas tankers are in high demand as the market gets flooded with cheap product. At the same time, low fuel prices are helping tankers keep costs low.
Tanking companies
Oil and natural gas tankers are in high demand as the market gets flooded with cheap product. At the same time, low fuel prices are helping tankers keep costs low.
Hotels
Thanksgiving 2014 saw the highest travel volume since 2007. Lodging companies expect that trend to continue as more Americans take advantage of cheaper gasoline prices to take vacations.
Hotels
Thanksgiving 2014 saw the highest travel volume since 2007. Lodging companies expect that trend to continue as more Americans take advantage of cheaper gasoline prices to take vacations.
Cruise lines
Cruise lines stand to benefit not only from consumers having more money in their pocketbooks to spend on vactions, but also from cheaper fuel prices. Carnival said it expects to spend $475 million less in 2015 as crude oil prices come down.
lessCruise lines
Cruise lines stand to benefit not only from consumers having more money in their pocketbooks to spend on vactions, but also from cheaper fuel prices. Carnival said it expects to spend $475 million
... moreAirlines
Similarly to cruise companies, airlines will benefit both from more Americans travelling and lower fuel costs.
Airlines
Similarly to cruise companies, airlines will benefit both from more Americans travelling and lower fuel costs.
Food companies
Giants like Nestlé and Kraft spend 10 to 15 percent of their cost of goods on frieght and fuel, according to a Moody's report.
Food companies
Giants like Nestlé and Kraft spend 10 to 15 percent of their cost of goods on frieght and fuel, according to a Moody's report.
Logging and paper product companies
The costs for hauling logs, wood pulp and recycled waste paper are expected to fall with lower oil prices. And with heavily forrested countries like Canada and Norway seeing their currencies take a hit as oil prices crater, logging companies operating there will get stronger cost advantages.
lessLogging and paper product companies
The costs for hauling logs, wood pulp and recycled waste paper are expected to fall with lower oil prices. And with heavily forrested countries like Canada and Norway seeing
... moreTheme parks
Amusement parks like Six Flags and Cedar Fair stand to have a booming summer this year if gasoline prices remain low and encourage Americans to travel, according to Moody's.
Theme parks
Amusement parks like Six Flags and Cedar Fair stand to have a booming summer this year if gasoline prices remain low and encourage Americans to travel, according to Moody's.
Losers of the oil price crash
Meahwile, countries that rely on oil production and industries that provide stand to lose the most amid a price crash.
Losers of the oil price crash
Meahwile, countries that rely on oil production and industries that provide stand to lose the most amid a price crash.
Russia
Russia is the second biggest oil producer in the world, and crude oil makes up 70 percent of the country's exports. According to the BBC, Russia loses about $2 billion in revenue for ever $1 drop in the price of oil.
lessRussia
Russia is the second biggest oil producer in the world, and crude oil makes up 70 percent of the country's exports. According to the BBC, Russia loses about $2 billion in revenue for ever $1 drop in the
... moreVenezuela
The South American country, which relies on its oil and gas industry for revenue, has seen its economy falter and may default on its debt.
Venezuela
The South American country, which relies on its oil and gas industry for revenue, has seen its economy falter and may default on its debt.
Nigeria
The Western African country needs oil prices to rise to more than $120 to balance its budget.
Nigeria
The Western African country needs oil prices to rise to more than $120 to balance its budget.
Island countries hoping for an offshore oil boom
Small island countries like Greenland and Cyprus were banking on offshore drilling for oil and gas to boost their economies. With crude prices low and the cost of deepwater drilling still high, those prospects seem more unlikely.
lessIsland countries hoping for an offshore oil boom
Small island countries like Greenland and Cyprus were banking on offshore drilling for oil and gas to boost their economies. With crude prices low and the cost of
... moreThe steel industry
Companies like US Steel and Evraz North America that provide pipeline products to the oil and gas industry will likely suffer as oil field spending falls.
The steel industry
Companies like US Steel and Evraz North America that provide pipeline products to the oil and gas industry will likely suffer as oil field spending falls.
The aerospace industry
Low oil prices will not benefit companies like Boeing and Airbus Group even as their airline customers get a boost -- cheap fuel will deincentivize airliners from buying next-generation, fuel-efficient equipment.
lessThe aerospace industry
Low oil prices will not benefit companies like Boeing and Airbus Group even as their airline customers get a boost -- cheap fuel will deincentivize airliners from buying next-generation,
... moreU.S. oil prices settled above $60 a barrel on Friday for the first time since late June 2015, finishing the year 41 percent higher than its lowest point earlier this year.
The price rose 58 cents to $60.42 a barrel in New York on Friday, propelled by Energy Department data showing U.S. crude inventories fell 4.6 million barrels last week.
The nation's commercial stockpile of oil has shrunk by more than 100 million barrels since its peak of 536 million barrels in March.
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Media: Houston ChronicleThe Energy Department said on Friday domestic output rose to 9.64 million barrels in October, the highest level since May 1971, and up 1.8 percent over September.
Texas oil production rose 5.8 percent to 3.77 million barrels a day; in North Dakota, output came in 7.7 percent higher at 1.16 million barrels a day.
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