Volatile oil market shakes up Utah producers amid global oversupply

in People

SALT LAKE CITY — Coronavirus is hitting the Utah oil producing region hard, not only because of the public health risks but due to a volatile oil market that saw the price per barrel plunge to its lowest level in a generation.

“It is a bloodbath,” said Kathleen Sgamma, president of the Western Energy Alliance, which represents independent oil and gas producers in Utah and elsewhere in the West.

The price per barrel of West Texas intermediate crude was sitting at $63.27 at the beginning of this year. On Wednesday its rapid plunge left the price at $20.69 per barrel.

Sgamma said in Utah and the West, the price per barrel is even lower.

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