The oil industry involves different operations related to the exploration, production, refining, and transportation, and marketing of petroleum and crude products. The US oil industry is considerably dependent on the oil production coupled with the growth in the transportation sector and increasing energy demand. As a result, the US economy continuously invests in petroleum-based products. Significant growth in the aviation sector was getting witnessed in the US before the COVID-19 pandemic.

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However, due to the outbreak of COVID-19, a huge downfall in demand for petroleum products has been witnessed globally as well as in the US which results in a downfall in oil prices. Moreover, disagreement between Russia and OPEC countries related to the daily crude oil production had also resulted in a downfall in prices near to $30 per barrel. The oil industry is significantly affected due to the closedown of the aviation sector. After the outbreak of COVID-19 in the US, the country bans passengers from most of the affected countries of Asia-Pacific and Europe, which results in the cancellation of a huge number of flights. After 10 March 2020, exponential growth in the cases of COVID-19 was witnessed in the country which results in a lockdown of many states and there are also chances of the lockdown of the whole country. Apart from the aviation industry, the demand for oil in other transportation services such as buses, cars, has also been decreased due to this coronavirus outbreak. As to avoid the social gathering the workforce is being allotted to do work from home and are being reinforced with the travel restrictions.

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Impact on the US Oil Industry due to COVID-19 Pandemic Market Segmentation

By Drilling Method

Onshore

Offshore

Companies Profile

Anadarko Petroleum Corp.

Chevron Corp.

ConocoPhillips Co.

Devon Energy Corp.

EOG Resources, Inc.

Hess Corp.

Marathon Oil Corp.

Occidental Petroleum Corp.

Pioneer Natural Resources Corp.

ExxonMobil Corp.

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