Many Independent Oil Companies Worldwide on the Brink of Bankruptcy
Despite the oil companies filing for bankruptcy and laying off workers, President Obama wants a new $10.25 per barrel tax on the oil industry for pie-in-sky transportation proposals
By Institute for Energy Research —— Bio and Archives--February 19, 2016
Global Warming-Energy-Environment | Comments | Back To Full Article
A new study by Deloitte indicates that over 35 percent of independent oil companies worldwide are likely to declare bankruptcy this year and another 30 percent may follow next year.(i] Low oil prices are making oil companies cut dividends and expenditures, lay off workers and otherwise reduce expenses to pay off debt. However, even with these steps, many companies worldwide will be declaring bankruptcy this year and next.
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