Texas Oil Wells are Shutting Down

An international price war and the coronavirus has made some oil wells across the state close down.

A lack of travel from the coronavirus has left the demand for oil and gas to plummet. The price war between Saudi Arabia and Russia has also contributed to the closures

According to the Texas Tribune, a Texas panhandle oil producer has so far closed more than 10 of his wells, and another 40 more could be closed in April.

Oil and Gas stocks have continued to plummet as well, signaling a big downturn in the overall market.

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