The Squeeze is On

A squeeze is a natural part of the economic cycle. This time, however, it has taken the form of a whirlwind that threatens to leave behind an astonishing combination of devastation, cataclysmic change and opportunity.

For some of those who anticipated the problem, there were ways to protect themselves. For example, Pennwest Energy

A variety of factors had been offsetting the higher oil prices of the last year. New projects had become harder to fund. Leveraged companies and those without cash flow were shedding assets. Despite a pickup last summer, drilling has been in decline for three years. The environment was not good, but disguised by higher oil prices