Oil

The U.S. oil and gas industry has been pummeled by the coronavirus pandemic.

U.S. oil inventories ballooned as the COVID-19 pandemic caused a sharp drop in gasoline and jet fuel demand.

Whiting Petroleum Corp said on Wednesday it filed for Chapter 11 bankruptcy, the first major casualty of a free fall in crude prices to $20 per barrel last month.

Trump ordered the Department of Energy earlier this month to take advantage of low oil prices and fill the reserve “to the top” in an effort to help domestic drillers suffering from the global oil price drop.

A price war amid the coronavirus pandemic has plunged oil's value.

AAA expects prices to drop even more with the national average hitting $1.75 by the end of April.

The COVID-19 pandemic has decimated oil demand.

BP Oil Chief Executive Officer Bernard Looney said, despite the crash in oil, he's not cutting jobs anytime soon.

WTI futures for May delivery fell 6.6 percent to $19.92 a barrel.

Crude oil prices crashed into a bear market this year after Russia refused to join Saudi Arabia and other OPEC members in cutting production to trim a supply glut due to demand destruction from the COVID-19 pandemic.

The pandemic has caused fuel demand to plunge as travel stalls and people stay put

U.S. shale companies were pummeled this month by oil prices that tumbled as much as 63 percent from March 9 when Saudi Arabia slashed prices for its customers and lowered production in response to Russia's refusal to join OPEC in deepening output cuts. 

The U.S. Department of Energy scrapped a plan to purchase domestic crude oil for its Strategic Petroleum Reserve after funding was not included in the broader stimulus package.

Occidental Petroleum Corp., the largest oil producer in the giant Permian Basin, has ceded to activist investor Carl Icahn's demands and announced deep spending cuts in a bid to survive the steepest crude-price plunge in decades.