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stanleybmanly's avatar

Have you considered what the collapse in oil prices means in view of the current epidemic?

Asked by stanleybmanly (24123points) April 1st, 2020 from iPhone

I mean the price of oil would certainly drop anyway from the profound decrease in demand, but with the action of the Saudis, the effects on the industry are bound to be catastrophic.

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3 Answers

zenvelo's avatar

But I don’t think of this as a “bad”. This could accelerate the move to more sustainable/less carbon emitting energy.

I mean, really, Exxon and Chevron do not need to worry. And it will destabilize otherwise intractable regimes, like Saudi Arabia, Iran, and Russia. Cuts off funding for ISIS.

Jaxk's avatar

The drop in usage would normally be short lived. Once the economy begins to recover and people are back at work travel would for some period of time be mostly by auto. Air travel will take a while to resume at past levels given the psychological effects of the pandemic. If the oil prices stay where they are we stand to lose hundreds of thousands of jobs and our energy independence. We’ve already lost millions of jobs, some of which will not come back. Losing even more that likely will not return would be catastrophic to say the least. We may never recover.

kritiper's avatar

I sure have! It’s time to fill my lawn mower gas cans.

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