DALLAS — The oil industry’s history is punctuated with boom-and-busts cycles that create and erase fortunes and drive economies.
That sector is tentatively emerging from the worst downturn since at least the 1980s. Oil prices hovered around $100 per barrel in 2014 before dropping by half just months later, a level where they remain. A year ago, prices dipped below $30 for the first time since 2003, according to the U.S. Energy Information Administration.
Much like the recovery from the Great Recession a decade ago, oil’s bounce back has been hesitant. Experts say technology, slower demand and a more cautious approach by oil patch executives and bankers could — at least in the near term — give the industry a leaner look.