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| Big Oil had a horrible Q2 quarter. So far in Q3, oil prices had averaged lower than in Q2, and refining margins are much lower too. Exxon has the worst profit since 1999, and the industry cannot survive on current oil prices. “What we’re seeing is that there’s just no place for the supermajors to hide”, Brian Youngberg, an analyst at Edward Jones & Co. in St. Louis, said in an interview. “Oil prices, natural gas, refining, it all looks very bad right now.” (HERE) |
