Manufacturing
 
Oil Prices Could Stay Low Through 2020s
Low prices are spurring cuts in the oil-exploration market, with three large companies, BP, Shell and Statoil (Norway) announcing cutbacks on oil-drilling investments that are unprofitable at today’s prices. BP officials predict oil prices—now below $50 a barrel—will rise slowly to $60 per barrel through 2017 and could remain below $70 per barrel into the early 2020s, according to the Manufacturing.net e-newsletter. 
 
Shell and other companies have announced cutbacks in exploration projects, including a $2 billion write-down on the Carmon Creek project in Canada. 
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