The SARS CoV2 virus that is behind the COVID-19 pandemic has finally ravaged the United States, and cities and states are reacting to its brutality by shutting stuff down. As the United States continues to increase measures to isolate the sick and slow the spread, the oil industry is bracing for harder times ahead. Just how bad could it get, and what would a full quarantine mean for US oil? The effects of U.S. border closures, travel restrictions, school shutdowns, bar and restaurant dining-in shutdown are already hitting the US oil industry hard. The primary U.S. oil benchmark–West Texas Intermediate, has fallen by about $30 per barrel over the last month, making it difficult–or impossible, rather–for U.S. oil producers to turn a profit. The breakeven for most U.S. producers is above the current $22.61 as of 8:15 am EDT. And while the profit crunch will no doubt cripple smaller […]