The crash in oil prices is forcing drillers in the U.S. Gulf of Mexico to shut off wells. Some producers are worried offshore output may take years to recover.
Offshore oil drillers have begun shutting off wells in the U.S. Gulf of Mexico following a collapse in crude prices due to the coronavirus pandemic, and some executives worry that the region’s production may take years to fully recover.
A historic decline in energy demand that has led refiners to make less fuel and caused storage tanks to fill up with crude is pushing Gulf Coast producers to shut down high-cost wells in both shallow and deep federal waters. The offshore oil sector last year accounted for about 15% of U.S....
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