Hopefully they can hang on.
Time to embargo all Middle East oil for 60 days
If...
...crude oil could be located - for free
...crude oil could be drilled - for free
...crude oil could be pumped - for free
...crude oil could be transported - for free
...refineries could produce gasoline - for free
...gasoline could be transported - for free
...gasoline could be marketed/retailed - for free
A gallon of gasoline still would cost you
between 30 - 80 cents per gallon
(depending on which state you live in)
because of the state and federal taxes.
There used to be a big Whiting station in Chandler, AZ on Williams Field Rd by the I-10. One morning I was interrogated by La Migra there, standing in line, waiting to pay for diesel.
This company has tens of millions of unpaid bills that will become bad debt expense of oil service businesses that are already struggling.
Fortunately, the outstanding “leaders” of this company took care of themselves.
https://seekingalpha.com/news/3557657-whiting-execs-grabbed-14_6m-in-bonuses-ahead-of-bankruptcy
Whiting Bros. used to be a fixture throughout the Southwest with their filling stations and motels.
Now that is sad. One of the “shale” pioneers.
I recall Gas War days in the late 60’s , ….. independents sold gasoline for 18.9 cents/gal.
That was in the days of full service and Green Stamps.
I was afraid this was going to happen to some oil companies.
The price drop has been brutal on them I’m sure