The big news related to the oil and gas business over the past few weeks has obviously been related to the crash in oil prices. First, the global demand destruction by the spread of the coronavirus knocked the price for West Texas Intermediate down below $45/bbl, and then the joint decision by Russia and Saudi Arabia to flood the markets with cheap crude shattered it down into the low-$20s. No one knows where this might end – some even think the price could go negative as global crude storage capacity becomes completely full.
