oil

As the Covid-19 crisis grabs headlines in most of the United States, it is important to appreciate that for a good part of the U.S. oil patch, COVID-19 is second page news.  First page news is the collapse of worldwide oil prices.  The price of West Texas Intermediate Crude closed this week at $22.76 per barrel.  This is nothing short of a disaster for the U.S. petroleum industry and for a significant portion of the U.S. workforce that depends on its health. There are many reasons for the oil price collapse.  The petroleum market is nothing if not complex.  This [...]