Why This Top Oil Stock Crashed 35.5% in the First Half of 2020

Why This Top Oil Stock Crashed 35.5% in the First Half of 2020

Shares of oil refiner Phillips 66 (NYSE: PSX) tumbled 35.5% in the first six months of 2020, according to data provided by S&P Global Market Intelligence. Government responses to the coronavirus pandemic have been particularly hard on stocks of oil refiners. Susan Patricia Griffith, CEO of auto insurer Progressive, estimated that vehicle miles traveled in the U.S. declined by 40% in March.