Shakleton White Associates CEO Horrified as Oil Falls Below $43 on Bleak US Economic News
Oil prices fell Monday along with global stock markets as hopes for a quick end to the global slump evaporated amid dismal U.S. economic news and the prospect of another bailout for ailing insurer American International Group Inc.
Seattle, WA, March 04, 2009 --(PR.com)-- By midday in Europe, benchmark crude for April delivery was down $2.12 to $42.64 a barrel on the New York Mercantile Exchange. The contract fell 46 cents on Friday to settle at $44.76. In London, the price for Brent crude fell $1.79 to $44.56 a barrel on the ICE Futures exchange in London.
In another sign that the U.S. financial crisis continues to sap the government's coffers, AIG will receive up to $30 billion in additional federal assistance. The company previously received about $150 billion in loans from the government, which holds an 80 percent stake. The Commerce Department said Friday that gross domestic product contracted 6.2 percent in the fourth quarter, the worst showing in a quarter-century.
"The fourth quarter GDP data out of the U.S. was simply terrible," said Jennifer Campbell, President and CEO of Shakleton White Associates in Seattle. She further commented that "It's the economic reality that's correcting oil prices." Campbell went on further to say “Investors are concerned demand for oil will continue to weaken amid the worst global slowdown in decades and prices could fall to $25 a barrel within the next three months.” Campbell rounded off her speech by saying "We expect another leg down from here as consumer demand is in a downward slope. I don't think we'll bring ourselves out of recession for at least three to five years."
Shakleton White Associates inventory analysts have long term proven financial, retail, manufacturing, wholesale, and distribution backgrounds. The mergers & acquisitions arm of Shakleton White Associates is a participant in all major bidding, thereby keeping abreast of all market bids and realizations. Shakleton White Associates works alongside industry leaders who recognize the dramatic need for major changes, with a passionate commitment to business growth. Providing a full range of integrated services and products simultaneously directed at producing strategically predetermined business and cultural results. We bring together a broad range of talent and resources with a passion for integrity, continuous improvement and the desire to make a difference. This results in prosperity for our customers, society and ourselves.
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In another sign that the U.S. financial crisis continues to sap the government's coffers, AIG will receive up to $30 billion in additional federal assistance. The company previously received about $150 billion in loans from the government, which holds an 80 percent stake. The Commerce Department said Friday that gross domestic product contracted 6.2 percent in the fourth quarter, the worst showing in a quarter-century.
"The fourth quarter GDP data out of the U.S. was simply terrible," said Jennifer Campbell, President and CEO of Shakleton White Associates in Seattle. She further commented that "It's the economic reality that's correcting oil prices." Campbell went on further to say “Investors are concerned demand for oil will continue to weaken amid the worst global slowdown in decades and prices could fall to $25 a barrel within the next three months.” Campbell rounded off her speech by saying "We expect another leg down from here as consumer demand is in a downward slope. I don't think we'll bring ourselves out of recession for at least three to five years."
Shakleton White Associates inventory analysts have long term proven financial, retail, manufacturing, wholesale, and distribution backgrounds. The mergers & acquisitions arm of Shakleton White Associates is a participant in all major bidding, thereby keeping abreast of all market bids and realizations. Shakleton White Associates works alongside industry leaders who recognize the dramatic need for major changes, with a passionate commitment to business growth. Providing a full range of integrated services and products simultaneously directed at producing strategically predetermined business and cultural results. We bring together a broad range of talent and resources with a passion for integrity, continuous improvement and the desire to make a difference. This results in prosperity for our customers, society and ourselves.
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Contact
Shakleton White Associates
Jennifer Campbell
1-206-350-7863
www.shakletonwhite.com
Jennifer Campbell
1-206-350-7863
www.shakletonwhite.com
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