Posted October 03, 2018 06:03:25 The oil industry has seen its share price tumble from a peak of more than $50 a barrel earlier this year to about $40 today.
Chainsaws have been on the rise in recent months.
And the oil industry says the price drop could continue.
As part of a new research report released Wednesday, energy company Schlumberger estimates the price of a barrel of crude oil could fall as low as $30 by 2027.
The company expects the oil price to decline by a quarter of a percentage point by 2035, but the price could remain below $20.
A Reuters/Ipsos poll published Wednesday showed that Americans were divided on whether they believe the United States should increase its supply of natural gas to help cut carbon emissions, with about one-third of respondents saying they favor a gas tax.
Gas tax supporters say it could help pay for infrastructure investments in states such as Texas, Louisiana and New Mexico that rely heavily on gas for power generation and transport.
Oil companies have been trying to increase supplies of natural-gas to help reduce greenhouse gas emissions since 2014, when President Donald Trump signed a moratorium on new oil drilling.
In January, the International Energy Agency said that if gas prices stayed near $40 a barrel, it could be a $1 trillion cost to the global economy in 2020.
While the decline in the price is not unexpected, it is not the first time that prices have declined.
In March, oil prices dropped more than 10% from the beginning of the year, and by early September, they had fallen below $25.
The oil industry is also expected to face more challenges as demand for natural gas continues to grow, according to the report.
The International Energy Association predicts that by 2026, the world’s demand for liquefied natural gas will reach 18 trillion cubic feet, a growth of more that 30% over the last year.