AP / LM Otero

Oil prices — more or less flat for 15 months — will stay in their current band through the end of the year and only start to bump up against $60 a barrel in 2019, per the Wall Street Journal, placing tremendous sustained and perhaps mortal pressure on oil companies and petro-state governments.

Jobs update: The pressure is also on workers: employment in U.S. oilfields fell slightly last month from June, continuing a year-long trend, the U.S. Bureau of Labor Statistics reported today. Employment fell by 700 month to month, and is down by about 1,600 over the year.

According to a poll of 15 investment banks conducted by the newspaper, Brent crude — the internationally traded benchmark — will average $53 a barrel this year, and rise to $55 in 2018; for both years, that is $2 lower than they said a month ago. In 2019, Brent will average $59.60, they said.

An American cap on prices: The main culprit for all of this: U.S. shale drillers, who are finding their oil cheaper and cheaper to produce, cutting costs and conducting only subdued rehiring of workers laid off in the hundreds of thousands over since 2015.So that every time oil prices go up, they produce more, which then pushes prices back down.

Why it matters: Motorists can expect a long additional period of low gasoline and diesel prices. But the pressure will remain on oil companies and petro-states, which have already suffered through two and a half years of low prices that have ravaged balance sheets. Venezuela, for one, has appeared to be on the brink of economic collapse for months.

Go deeper

Bryan Walsh, author of Future
1 hour ago - Health

Rockefeller Foundation commits $1 billion for COVID-19 recovery

A health worker performs a COVID-19 test in New Delhi. Photo: Raj K Raj/Hindustan Times via Getty Images

The Rockefeller Foundation announced on Monday that it will allocate $1 billion over the next three years to address the pandemic and its aftermath.

Why it matters: The mishandled pandemic and the effects of climate change threaten to reverse global progress and push more than 100 million people into poverty around the world. Governments and big NGOs need to ensure that the COVID-19 recovery reaches everyone who needs it.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Ex-FDA chief: Pence campaigning after COVID exposure puts others at risk — Mark Meadows: "We are not going to control the pandemic"
  2. Health: 13 states set single-day coronavirus case records last week — U.S. reports over 80,000 new cases for second consecutive day.
  3. World: Italy tightens restrictions Spain declares new state of emergency.
  4. Media: Fox News president and several hosts advised to quarantine after possible COVID-19 exposure

Fox News president and several hosts advised to quarantine in COVID-19 precaution

A political display is posted on the outside of the Fox News headquarters on 6th Avenue in New York City in July. Photo: Timothy A. Clary/AFP via Getty Images

Fox News President Jay Wallace and anchors Bret Baier and Martha MacCallum are among those recommended to get tested and quarantine after possible exposure to COVID-19, the New York Times first reported Sunday night.

The big picture: The Fox News contingent, which also included "The Five" show hosts Juan Williams and Dana Perino, were on a charter flight from Nashville to New York following Thursday's presidential debate with a person who later tested positive for the coronavirus.

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