Brian Matta
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Die Oil Companies Die

This summer has seen the oil industry go through major ups and downs. Western oil companies have paved a new relationship with Iran, oil prices drop and 12,500 jobs were cut because of the prices dropping. One interesting aspect to all of this is all of the new energy companies that started to pop during this time. So many that there is a glut in the market and now many of them will have to die.

According to CNN, due to the rise of fracking technology, it became much easier to produce oil. Now with oil prices so low and production so high analysis predict a huge number of bankruptcies in the near future. The world literary has too much oil. 

"The only other way to bring a crude glut of this magnitude under control is a massive wave of bankruptcies among the independent crude oil producers," Walter Zimmerman, chief technical analyst at United-ICAP said.

For more oil news, click here.