Last week, oil prices dipped below zero for the first time in history. Oil producers had to pay customers to take product off their hands. Part of the reason was a steep drop in demand for gasoline in the United States as consumers stayed home during the coronavirus pandemic.
But there are signs of hope for the global energy market. Matt Smith, director of commodity research for ClipperData, told Texas Standard host David Brown that one example is the growing demand for electricity in Europe; another is refineries coming back online in China, where the COVID-19 pandemic started.
What you’II hear in this segment:
– How recovery from the pandemic could mean more drivers on the road
– How “quarantine fatigue” impacts demand for gasoline
– What unemployment numbers have to do with air pollution
– What the pandemic means for ongoing oil production in Texas
Web story by Caroline Covington.
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