Delta Air Lines Not Gushing About Its Oil Refinery Lately?
The price of crude oil has been substantially depressed in recent months as a result of the reaction to the current 2019 Novel Coronavirus pandemic, as a variety of factors — including the decreased usage of motorized vehicles and jet airplanes — contributed to lower demand for processed fuel.
One example of the decreased demand for fuel is the price of gasoline, which bottomed out in April of 2020, as the price for a barrel of crude oil dipped to historic low prices during that same month. As an example, the price for a gallon of gasoline was as low as 84 cents per gallon in Michigan — although the time when the price of as low as 79 cents for a gallon of gasoline was so brief that a timely article to highlight it here at The Gate was not possible.
Cheap fuel may be good news in the short term to the consumer who is conscious about cost — especially if he or she is one of the tens of millions of people who are currently unemployed in the United States — but it seems to not be good news for the oil refinery industry.
Delta Air Lines invested…
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