U.S. oil and gas companies are scrambling for credit, with lenders tightening their purse strings as oil prices continue to sit below $40 per barrel. Oil and gas lenders have restricted the borrowing abilities for oil and gas companies to the tune of 20% so far this spring lending season, according to a Reuters analysis. It’s supposed to be a negotiation between the companies and the lenders. Available credit is, twice each year, reassessed, based on the value of a companies’ reserves. Well, those valuations are off substantially this year thanks to low oil prices, which have fallen by more than a third since the start of the year as the pandemic triggered lockdowns across the globe. Low prices were brought even lower by the price war between Russia and Saudi Arabia, after the two had a falling out in March over whether the production cuts should be extended […]