Shale Energy Business Briefing: January 7, 2015

By On January 7, 2015 2:54 pm

By: Rick Stouffer, Senior Energy Editor, Shale Energy Business Briefing

Crude Oil Price Swoon Fallout Spreading to Product Vendor Giants; US Steel Idling Plants

US Steel on Tuesday, Jan 6, said it will idle pipe and tube manufacturing plants in Ohio and Texas and lay off 756 workers — one of the first big domestic industrial casualties of the recent price collapse in crude oil.

With crude prices at more than 5½-year lows and hovering around $50/Bbl, producers have much less incentive to drill for new supply, reducing demand for the plants’ products.

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