The oil and fuel business is in unhappy form, and until executives start overhauling their enterprise plans and expectations quickly, traders will lose more cash, and staff will lose extra jobs.
5 years after OPEC allowed crude costs to tank, some U.S. executives and analysts are nonetheless promising that an oil scarcity is across the nook. However the world is altering quicker than these of us can comprehend, and vitality govt stubbornness is holding the business again.
The mantra amongst Texas oil executives is drill, child drill, they usually have saddled their corporations with billions in debt to get metal within the floor. Now, these corporations are falling like flies, with 26 exploration and manufacturing corporations submitting for chapter to this point this yr, according to the Wall Street Journal. Twenty-eight filed in 2018.