An energy analysts says Houston will likely face “dark days” ahead due to falling oil prices. However, he predicts the city and the industry will bounce back.
Some energy experts wonder if the price of oil could drop all the way to zero, or into the negatives. Most analysts don't predict it’s going to drop that far.
“I think it’s unlikely. But there is a scenario,” Phil Flynn told KTRH.
Flynn is with the Price Futures Group, and he’s Fox Business Network Contributor. He says oil will only fall into the negative if the U.S. economy continues to get hammered in wake of the Coronavirus and if one other scenario plays out.
“If we could to see Saudi Arabia and Russia continue this price war and flood the market with oil, the concern is we are going to run out of places to put it,” Flynn said.
He says he's optimistic in the long-run, however. He thinks demand for oil will rise after the Coronavirus passes.