Cash-flush Oil Industry Has Less Appetite For Debt

Last year, profits in the oil industry were noticeably lower than in the previous year. Pretty much everyone in oil and gas booked a decline in the bottom line as prices deflated amid falling concerns about supply security. Cash, however, remained high. And it appears this cash has allowed the industry to lower their demand for borrowing. Demand for loans from the oil and gas industry fell by 6% last year, Bloomberg reported this week. This followed a 1% decline during the previous year—but in that previous year oil and…