Despite a complex and increasingly risky political situation in the Middle East, crude oil prices could take another dive. At a keynote speech at the convention of the Gas Processors Association, Amy Myers Jaffe, executive director of Energy and Sustainability at the University of California-Davis, said there’s no fundamental reason for oil prices to even hover around the $50 per barrel mark, half of what they were last summer. “I don’t think the market is out of the woods yet,” Jaffe said. Beyond the immediate price picture for oil, Jaffe said the oil and gas industry faces other headwinds, including environmental activism and the divestiture movement to get institutional investors such as universities to sell off energy investments.
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