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April 7, 2020

Chaos and scrambling in the US oil patch as prices plummet

  • The global economic crisis caused by the coronavirus pandemic has devastated the oil industry in the U.S., which pumps more crude than any other country.
    • By CATHY BUSSEWITZ
    AP Business Writer

    NEW YORK — In Montana, a father and son running a small oil business are cutting their salaries in half. In New Mexico, an oil truck driver who supports his family just went a week without pay. And in Alaska, lawmakers have had to dip into the state's savings as oil revenue dries up.

    The global economic crisis caused by the coronavirus pandemic has devastated the oil industry in the U.S., which pumps more crude than any other country. In the first quarter, the price of U.S. crude fell harder than at any point in history, plunging 66% to around $20 a barrel.


     
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