What has been good news at the pump for drivers has turned into a financial crisis for two Houston-based oil companies. Both BPZ Resources and Dune Energy were forced to file for Chapter 11 bankruptcy protection this week because of the dramatic drop in crude oil prices. Since last summer, oil prices have plummeted by nearly half causing many oil companies to take corrective measures including laying off employees and putting a halt to drilling activity. According to a recent article in The Wall Street Journal, BPZ Resources reported a loss of $40 million in their last fiscal quarter and was unable to pay $60 million it owed to bondholders.

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Image Source: Nestor Galina