US oil drillers headed for imminent financial collapse due to suppressed oil prices

‘The collapse in the price of oil and gasoline due to major increases in global supply has been a financial boon to tens of millions of cash-strapped Americans still struggling to earn a living in a stagnant economy.

But while consumers are breathing a sigh of relief, many oil producers are increasingly worried that they won’t survive the nosedive in prices, since many of their operations were launched with the belief that prices would remain above a certain level.

As reported by Bloomberg News, a number of oil drilling firms are likely to go under in the second quarter of 2015 if there remains a glut of oil worldwide, which is driving prices down.’

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