DALLAS — Oil prices have been lower for longer than expected. Now, with OPEC’s decision to keep pumping at current levels, analysts expect oil to remain relatively cheap well into 2016 and maybe longer.
That, of course, is good news for consumers and fuel-guzzling industries like airlines, but oil producers are being squeezed and thousands of workers in the oil patch have been laid off.
The price of a barrel of oil fell Monday to $37.65, a nearly seven-year low. Energy stocks, from giants Exxon and Chevron down to independent producers, took a beating.