Probability of $20 WTI Price

• On March 8th, Goldman Sachs analysts estimated that WTI oil will trade at $29 per barrel in the second quarter and $28 per barrel in the third quarter.
• The Goldman Sachs analysts warned that Brent Crude oil was likely to reach $20 per barrel, not WTI.
• On March 9th, WTI prices fell as low as $30, which is a record low since August 2016, when it reached $26.05. 
•  Ali Khedery, former senior Middle East advisor at Exxon, said that "$20 oil in 2020 is coming."

Impact on the US Economy

•  Low oil prices mean less drilling and exploration activity and layoffs in the oil companies which can impact the local businesses that cater to these workers, meaning that the negative impact will be felt keenly in the shale regions of the US.
• The banking and investment sectors also suffer during oil price drops.
•  Paul Ashworth, chief North American economist for Capital Economics said that lower oil prices should be neutral for the US economy, but there are some risks.

Impact on the Global Economy

•  James Williams, an energy economist at WTRG Economics, said that forecast of the economic impact are "all over the place" because it is hard to predict due to the lack of data about the epidemic's length and spread.
• The Paris-based International Energy Agency projected that oil demand would fall by 90,000 barrels a day in 2020.

Impact on Small, Independent Shale Producers

•  Tom Kloza, chief oil analyst for the Oil Price Information Service, does not believe that US shale oil producers are likely to make deep trims in production, even if they are losing money on oil.