American Eagle Energy seeks bankruptcy protection
JAY DIRECTO / AFP/Getty Images
Countries that are net importers of crude oil and industries with high fuel costs are likely to see huge benefits as crude oil remains low.
China is second to the U.S. in crude oil consumption per day, so it will benefit from a lower import bill. And China began stockpiling oil at the end of 2014 as it looks to take advantage of future oil shocks, according to Time
MANJUNATH KIRAN / AFP / Getty Images
The second most populous country in the world consumes the fourth most barrels of oil per day. Cheaper fuel will help the country grow 7.8 percent, according to Time
, likely passing China.
ROMEO GACAD / AFP/Getty Images
Oxford Economics says amongst countries that import more crude than they produce, the Philippines stands to read the biggest rewards. The research firm expects the island nation to see nearly 2 percent GDP growth if oil prices stay low.
Craig Hartley / Bloomberg News
Oil and natural gas tankers are in high demand as the market gets flooded with cheap product. At the same time, low fuel prices are helping tankers keep costs low.
John Locher / Associated Press
Thanksgiving 2014 saw the highest travel volume since 2007. Lodging companies expect that trend to continue as more Americans take advantage of cheaper gasoline prices to take vacations.
Andy Newman / Carnival
Cruise lines stand to benefit not only from consumers having more money in their pocketbooks to spend on vactions, but also from cheaper fuel prices. Carnival said it expects to spend $475 million less in 2015 as crude oil prices come down.
JOHANNES EISELE / AFP / Getty Images
Similarly to cruise companies, airlines will benefit both from more Americans travelling and lower fuel costs.
Justin Sullivan / Getty Images
Giants like Nestlé and Kraft spend 10 to 15 percent of their cost of goods on frieght and fuel, according to a Moody's report.
BILL ROTH / AP
Logging and paper product companies
The costs for hauling logs, wood pulp and recycled waste paper are expected to fall with lower oil prices. And with heavily forrested countries like Canada and Norway seeing their currencies take a hit as oil prices crater, logging companies operating there will get stronger cost advantages.
Sanjit Das / Bloomberg
Amusement parks like Six Flags and Cedar Fair stand to have a booming summer this year if gasoline prices remain low and encourage Americans to travel, according to Moody's.
Richard Drew / Associated Press
Meahwile, countries that rely on oil production and industries that provide stand to lose the most amid a price crash.
Alexei Nikolsky / Associated Press
Russia is the second biggest oil producer in the world, and crude oil makes up 70 percent of the country's exports. According to the BBC
, Russia loses about $2 billion in revenue for ever $1 drop in the price of oil.
Meridith Kohut / Bloomberg
The South American country, which relies on its oil and gas industry for revenue, has seen its economy falter and may default on its debt.
PIUS UTOMI EKPEI / AFP / Getty Images
The Western African country needs oil prices to rise to more than $120 to balance its budget.
JOHN MCCONNICO / AP
Island countries hoping for an offshore oil boom
Small island countries like Greenland and Cyprus were banking on offshore drilling for oil and gas to boost their economies. With crude prices low and the cost of deepwater drilling still high, those prospects seem more unlikely
AL Grillo / Associated Press
The steel industry
Companies like US Steel and Evraz North America that provide pipeline products to the oil and gas industry will likely suffer as oil field spending falls.
Charles Pertwee / Bloomberg
The aerospace industry
Low oil prices will not benefit companies like Boeing and Airbus Group even as their airline customers get a boost -- cheap fuel will deincentivize airliners from buying next-generation, fuel-efficient equipment.
HOUSTON — Another small U.S. oil company has succumbed to the slump in crude prices.
Colorado-based producer American Eagle Energy Corp. on Friday filed for Chapter 11 bankruptcy protection in Denver, becoming the latest in a handful of firms to seek to restructure its debt in court.
The company, which had focused on oil drilling in the Bakken Shale in North Dakota, had 19 employees in the first quarter, according to regulatory filings. Court papers said the firm had $211.9 million in assets and $215.2 million in debt.
In late December, American Eagle had said it would quit drilling until oil prices improved, and was the first to completely stall its drilling plans amid the oil slump.
It had $175 million in high-yield corporate debt, part of the more than $240 billion in so-called junk bonds the U.S. shale oil industry had taken on before crude prices fell to fuel drilling operations from Texas to North Dakota.
Oil producers Quicksilver Resources, Dune Energy and BPZ Resources have all sought bankruptcy protection, as has oil field services company Cal Dive International, in recent months.