When Glacier Oil and Gas suspended operations last spring, North Slope crude was averaging less than $30 a barrel.
There is still great uncertainty surrounding the pandemic and oil demand, making it impossible to predict what prices will look like in the months ahead.
While crude prices have continued to plummet in recent weeks, and oil companies have announced spending cuts, Monday’s price meltdown for the Lower 48 benchmark was particularly staggering.
But another popular believe has it that $50 oil is the new normal. If fracking for oil in the Lower 48 became cheaper, and if new stability in the Middle East allowed countries like Iraq to step up production, prices could remain low for years to come.