U.S. shale producer Whiting Petroleum filed for bankruptcy on Wednesday, in what Jim Cramer said could be 'the first of many.'
Cramer noted that the industry remains key to the economy given the number of people it employs both directly and indirectly. "This is something that we have to keep an eye on, because when we start seeing the layoffs, some of the layoffs are going to bounce back, and some of them are not coming back at all," he said.
On Wednesday oil moved lower as Saudi Arabia increased its oil production to more than 12 million barrels per day, according to a report from Reuters, flooding the market during a time of unprecedented demand loss. As oil prices have tumbled, the United States has sought to intervene. On Tuesday U.S. Energy Secretary Dan Brouillette spoke to Russian Minister of Energy Alexander Novak, during which the two discussed the oil market.
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