$50 barrels hammer Austin oil companies on Wall Street

$50 barrels hammer Austin oil companies on Wall StreetThe prices of crude oil in the world market continuous to be a major problem to oil companies. The shares of Jones Energy Inc. and Parsley Energy Inc. suffered on Monday in the middle of the crude oil price crisis.

Jones Energy and Parsley Energy are two of Austin’s major companies in crude oil production and exploration. The international price of crude oil has slide down to as low as $50 per barrel. This is one of the lowest prices that it had gone in five years.

Other oil companies have done cost-cutting measures to somehow offset the current situation.

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