The Presidential Daily Brief

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    Global Oil Prices Plunge Still Further

    It’s a matter of supply and demand. The price of a barrel of crude fell more than 5 percent yesterday, hovering at a 12-year low of just above $30 in late trading. The plunge comes thanks to an ongoing market glut that’s been exacerbated by China’s massive economic and industrial slowdown. Many industry analysts expect the price to fall still further, even into the $20 range — a level that could trigger bankruptcy for as much as a third of the American oil and gas industry by mid-2017.

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