According to The Advocate, several oil and gas service businesses in Louisiana have filed for bankruptcy protection in recent weeks amid an economic downturn spurred by the coronavirus pandemic and low crude oil prices.
The Louisiana Oil and Gas Association has said said about half of its 460 member companies have told the organization that bankruptcy was on the table as an option to survive the economic downturn.
Hundreds of wells in the state have been shut-in since the pandemic began.
Earlier this month, there were fewer than 300 oil rigs running across the U.S. which is the lowest in the past six years.
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