Great Commodity Collapse of 2009
The great commodity collapse ensued. The prices of aluminum, iron ore, steel, crude oil, gasoline, jet fuel, and distillates all cratered on expectations of a prolonged global economic slump. Indeed, subsequent economic data revealed that the Great Recession began in December 2007 and the latest quarterly data revealed a 6.0 percent annualized contraction in the U.S. gross domestic product (GDP).
In general, integrated majors had record fourth quarter and fiscal year end 2008 earnings due primarily to record high July 2008 West Texas Intermediate (WTI) prices. By the first quarter 2009, the damage had become apparent. Inside a six-month timeframe, virtually across the board, many oil corporations reported 50 percent ...
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