Alva Review-Courier -

Q&A: With rock-bottom prices, will the oil industry recover?


April 29, 2020

NEW YORK (AP) — With a barrel of crude oil costing less than a New York pizza, many U.S. shale producers are being pushed to the brink of bankruptcy and experts are wondering when, and if, the oil industry will recover.

The price of benchmark U.S. crude oil closed at $12.34 a barrel Tuesday. At the start of the year, the price was around $60.

Demand for oil has been decimated by the coronavirus pandemic, especially as shelter-in-place orders reverberated around the globe. "International travel, certainly by air, has essentially ceased, and that's shocking," said Jim Burkhard, vice presi...

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