OIL’S DROP HURTS BIG U.S. OIL
Oil was on the upswing until it was not. The energy stock was steadily increasing throughout June and July, but the end of July saw oil crash. Companies such as Exxon Mobil had just reported a 59% cut in profit. The conflict of oil comes from the area of supply and demand, where the two are at a crossroads, with too much supply worsening the oil glut that has been deepening since last year. Wall Street’s expectations for Exxon Mobil were incredibly overestimated, leading to the shocking drop in stocks that the oil company saw. Its overall profit from oil and gas plunged approximately 85%.