Beacon Hill’s Assistant Vice President and South Central Regional Manager, Brett Amick contributes to an article published by Insurance Business America.
Declining oil prices may be introducing softness into the market, but oil & gas remains a huge industry in the US – with massive insurance needs
PLUMMETING OIL prices over the past year have sent viscous ripples through the oil & gas industry – and the insurance sector that serves it – that can be felt in both predictable and surprising ways.
North Dakota’s boomtowns on the fringe of the Bakken shale formation – where many oil workers had to sleep in their cars just a year ago – suddenly have a surplus of apartments to rent as jobs and development have dried up. Meanwhile, in Cushing, Oklahoma, the ‘Pipeline Crossing of the World,’ companies are busily stockpiling millions of barrels of oil per week, hoping to sell it when the market rebounds. Read the complete article.