Daily Memo: Oil Prices, Central European Economies, Russian Movements in Crimea

All the news worth knowing today.

GPF Staff |December 22, 2018

Oil prices plunge. Crude oil prices reached a 17-month low on Friday. Brent crude ended the week at $53.82 a barrel while West Texas Intermediate stood at $45.59 a barrel, putting WTI on track for the worst quarter in four years. And it seems the U.S. oil industry is increasingly concerned about the effects low prices will have on the sector. According to a former president of Shell, oil companies will be forced to stop drilling if prices dip below $40, since drilling is only profitable if oil is priced at $50-$60 a barrel. Economists from Houston’s Institute for Regional Forecasting and the Texas Alliance of Energy Producers also warned that growth in the Texas energy sector will stagnate if prices remain at current levels. Some have also expressed concern over possible layoffs in the industry, but ultimately, the effects of low oil prices will reach far beyond the industry itself.

Questions about Central Europe’s business model. The region has long been a key supplier in the G

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