Times are tough in the oil and gas business these days, but the scenario is nothing new. Oil, natural gas and all other commodities are traditionally at the forefront of seesawing supply-and-demand cycles. An abnormally warm winter and a deep recession have teamed to abbreviate demand for petroleum products. Oil and gas supplies glut the market and, earlier this year, prices plummeted to record lows. There was joy in the oil patch just last year, when West Texas intermediate crude topped $100 a barrel. Today, the same crude is averaging around $50, and the U.S. Energy Information Administration forecasts the price might struggle toward $60 sometime this year.
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