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Oil Demand Dropped 25% and Could Go to Half

Brian Wang's picture
Independent Writer nextbigfuture

Brian Wang is a business-oriented futurist, speaker and author of emerging and disruptive technologies. He is the sole author and writer of nextbigfuture.com, a science-focused news site that...

  • Member since 2018
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  • Apr 4, 2020
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Oil prices have dropped to $20 per barrel and that is for the most expensive oil. There is cheaper oil at $10 per barrel. Oil demand has dropped 25% as no one is driving. Companies like Whiting Petroleum are filing for bankruptcy. The oil will still exist. Oil and gas assets will be purchased out of bankruptcy. The COVID-19 shutdowns mean 2 billion people are staying at home, so transportation usage has cratered. The amount of purchases and economic activity has cratered. This means less industrial activity. Oil and gas wells and rigs are being shuttered. This process of shutting

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Matt Chester's picture
Matt Chester on Apr 6, 2020

Prices will go up and it will recover-- the real question, though, is what the long-term effects will be. Will this speed up the transition away from oil? Will some smaller players go out of business? And what will that mean for the landscape moving forward?

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