it is Noted that stopped due to a widespread collapse of demand for raw materials refinery daily delivered about 130 thousand barrels of oil for the canadian market and the US East coast. According to media reports, set by the United States authorities, restrictions on movement in major cities because of the fast-spreading disease COVID-2019 has already led to a drop in oil supplies to the domestic market at 2 million barrels just last week.
trump predicted the peak of mortality from COVID-19 in the U.S.
In this background of rapidly reducing the volume of processing of raw materials and other us refineries. Due to the fact that the price of oil WTI for the first time since 2002, fell below $ 20 per barrel, some petrochemical enterprises in the U.S. the level of production fell to the lowest indicators.
according to the newspaper Financial Times, citing analysts in the energy sector, the fuel consumption in the USA may fall to the levels of the early 1970s. The situation for the American oil industry exacerbates the “collapse” of export markets, undermined everywhere are introducing measures to combat the epidemic of coronavirus and declining in this economic activity.
Earlier it became known that American oil companies began to cut wages to its employees. So, according to the newspaper The Wall Street Journal, located in Houston U.S. company Occidental Petroleum Corp. already warned its employees about an upcoming in the near future a significant reduction in their income.
Moreover, if ordinary workers starting from 1 April, losing about 30 percent of his monthly pay, the salary of managers will be reduced much more serious. Thus, the Executive Director of the company will lose 81 percent of their income, and top management will receive only 68 percent of payday. Giving preferences and rebates, for example subsidizing the travel of employees or payment of sports will also be cut.
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it is Noted that in addition to this, most other major players in the oil and gas market in the U.S., primarily the company’s production of shale oil, have also begun to reduce their costs. The problems of petrochemical industry of the United States largely contributes to strong debt load of this sector of the American economy. So, according to the Agency Moody’s, in 2020-2024 years he will pay about $ 90 billion of debt on open in a period of high oil prices, credit lines.
against this sombre backdrop, threatening to collapse the “shale revolution” in America, the administration of the President of the United States Donald trump is preparing a package of emergency measures to promote national producers, the newspaper the Washington Post. According to the newspaper, the speech is about the results of the US Federal government major loans American oil and gas companies at a low rate that will allow them to refinance loans to avoid bankruptcies.
