There is one thing that many people agree on: Low gas prices are good. As of today, the national average price for a gallon of regular gasoline is around $2.04. This is quite a change from the average a year ago of $3.28. While the majority of Americans benefit from these lower prices, there are some who have a completely different experience.
WBH Energy, described by Reuters as “one of many tiny shale oil and gas producers in Texas,” recently filed for bankruptcy protection. The filing was one of the first of what could be many filings by similar companies. The recent fall in crude oil prices has caused many companies to stop drilling.
While some may see this reduction in drilling as beneficial and a result of the market, the first thing I thought of while reading the article was the numerous men and women who would lose their jobs due to the decrease in drilling. A year ago, few could have predicted this sudden decrease in production. The many employees who are without work due to the reduction are now struggling to find some sort of income to make ends meet.
Sadly, this is a situation that I see on a regular basis. Hard working people who were employed in a specific field or even at the same job for many years suddenly are out of work or are forced to take a job for much less pay. Once the income that seemed all but certain is gone, they find themselves unable to support their families.
Thankfully, the options available to businesses both big and small are available to individuals. If you are experiencing financial difficulties, regardless of the cause, it is imperative that you talk with an experienced attorney as soon as possible. Please contact our office nearest you to set up a free consultation.