01The New Cost of Capital in Oil & Gas
The US Treasury’s rather fruitless attempt last week to take up some of the slack in demand for long-dated government bonds followed a sharp move in a market that normally sits quietly beneath almost every other cost of capital. Gross US federal debt recently passed $40 trillion. The broader OECD sovereign picture is not especially comforting either, with many governments carrying much larger debt burdens than before the financial crisis. It would be an exaggeration to describe the present situ
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