"NEW YORK - U.S. shale producers, refiners and pipeline companies are scrambling for cash and face likely restructuring as they struggle under heavy debt loads while engulfed in the worst crisis the oil industry has faced.

Fuel demand has tumbled roughly 30% worldwide as the coronavirus pandemic destroys demand for transport, provoking a massive glut of oil that has hammered global prices and left energy companies with no choice but to pump hundreds of millions of barrels into storage.

Just as demand plummeted, Saudi Arabia and Russia started an oil price war, and Riyadh flooded the market with even more crude. That left the oil industry facing the prospect of a long period with prices below their production costs."

Jessica Resnick-Ault and David French report for Reuters April 23, 2020. [2]

SEE ALSO:

"Falling Oil Prices Breathe New Life Into An Old Idea: Nationalize The Industry" (HuffPost) [3]

"Will the Coronavirus Pandemic Doom North Sea Oil?" (New York Times) [4]

"US Oil Production Plunges As The Industry Retrenches, And More Cuts Are Expected After A Price Crash" (CNBC) [5]

"2,500 Oil And Gas Workers In Texas Lose Their Jobs In 10-Day Span" (Houston Chronicle) [6]

"Oil Industry Downturn Leads To Layoffs, Ripples In Entire Ellis County Economy" (Hays Post) [7]