INDIANAPOLIS -- While most drivers have celebrated low gas prices over the past few months, those same low prices have triggered layoffs at one Indianapolis-based company.
As CEO of Indiana's only oil company, CountryMark, a farmer-owned co-op, Charlie Smith knows that Indiana is relatively rich in oil.
"There's also one of the largest oil fields in the country, founded by J.D. Rockefeller, that goes from Broad Ripple to Fort Wayne called the Trenton Oil Field," he said.
CountryMark employs more than 500 people. Many live and work around their refinery in Mount Vernon. They also have 115 gas stations statewide.
But while low gas prices have been great news for most Hoosiers, those low crude prices -- and the potential for more oil flowing overseas soon from Iran -- has been bad news for CountryMark.
"Right now we've reduced our headcount by about 20 and some of that is because there's less activity for drilling less wells and spending less money-- there's less for them to do," Smith said.
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CountryMark churns out about 350 million gallons of gasoline and diesel a year. And while the price of crude has risen slightly this week, Smith expects that the price of crude will remain low for years.
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