LBBJ: Oil Price Decline

The Long Beach Business Journal recently published an article discussing the significant reduction in the demand for crude oil, due to COVID-19 and the recent stay-at-home orders. Dave Slater, Executive Vice President and Chief Operating Officer, was interviewed on the effect the decline had on Signal Hill Petroleum. Slater states to the Business Journal:

“The local oil refineries have prioritized processing California-produced crude oil,” Slater said. “It is our observation that these refineries have done a great job balancing their output and storage of critical fuels for California and the greater Southwest.”

To read the entire article click on the link below:

https://www.lbbusinessjournal.com/long-beach-stops-drilling-wells-expects-budget-shortfall-amid-worldwide-oil-futures-collapse/