Today, the Federal Reserve and six other major banks cut interest rates in an attempt to prevent the financial crisis from becoming a global economic meltdown. The Fed reduced its key rate from 2% to 1.5%. Bank of America, Wells Fargo and other banks cut their prime rate by half a point to 4.5% after the Fed announcement. The Bank of England cut its rate by half a point to 4.5%. The European Central Bank cut its rate by half a point to 3.75%. The central banks of China, Canada, Sweden and Switzerlalso cut interest rates. Wall Street and others were cautious about the impact of the central banks' coordinated action. The Dow Jones industrials and other indexes seesawed between positive and negative territory in early trading. In early trading, European stocks fell about 5% and Asian stock indexes fell more than 8%. Japan's stock market plummeted 9.4% — its biggest one-day drop in 21 years. Trading on both Russian stock markets was suspended — on one until Friday and the other until further notice — after shares plunged within the first hour of trading. The worldwide gloom follows a sell-off in U.S. markets late Tuesday, where major stock indexes fell 5%. The rout brought the Dow Jones industrials' losses to more than 875 points in two days, and its close was the lowest close in five years. The blue chip index is now a stunning 33.3% below its record close of 14,164.53 a year ago.
2023-11-27 - Here’s a roundup of the latest E&P headlines, including contract awards and BSEE’s report on the May 2021 fatality in Eugene Island Block 158 in the Gulf of Mexico.
2023-11-27 - Sintana Energy briefs on PEL 83 and 90 while Chevron applies to drill up to 10 wells.
2023-11-21 - As the oilfield service market faces headwinds from consolidation and a dwindling rig count, ProPetro CEO Sam Sledge sees Permian Basin demand picking up for next-generation equipment.
2023-11-20 - CIP's wind farm will feature 83 Siemens-Gamesa wind turbines, producing enough power for more than 240,000 homes.