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. 

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.

Based on the drilling method, the report is segmented based on onshore and offshore oil production. Offshore oil production is being significantly affected due to the coronavirus outbreak.  The energy produced through offshore sites is a key component for the supply of oil and natural gas, which is increasingly a crucial source of electricity. Chevron Corp., EOG Resources, Inc., ConocoPhillips Corp., Pioneer Natural Resources Co., Marathon Oil Corp., and Anadarko Petroleum Corp. are some of the major oil-producing companies operating in the US. Witnessing the scale of the disease, several oil companies are reducing offshore workers to prevent the spread of COVID-19. Some worker has been affected with coronavirus thus oil companies are taking precautions and engaging in the screening of the workers and the visitors at their production sites.  The government of the US is also supporting the plan to reduce offshore workers, which in turn, will negatively affect the oil industry in the near future. 

Research Methodology

OMR Global recently published a report addressing the impact of COVID-19 on the US oil industry. The study is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data. Different approaches have been worked on to derive the market value and market growth rate. In the report, the analysis of the country is provided by analyzing various regional players, laws and policies, consumer behavior and macro-economic factors. The report includes analysis of different regions and countries and the effect of COVID-19 on the oil industry of each respective region. Besides, an expected recovery timeline of the industry will also be included with the best- and worst-case scenario which will aid clients to take their future steps in the decision-making process.

Sources Include

• Financial reports of companies involved in the market
• Whitepapers, research-papers, and news blogs
• Company websites and their product catalog
• Government Organizations Reports

The report provides an in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.

The Report Covers

• Comprehensive research methodology of the US Oil Industry.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the US Oil Industry.
• Insights about market determinants which are stimulating the US Oil Industry.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.