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The Coronavirus’ Effect on the Energy & Utilities Industry, Business and Industry Trends Analysis

The Coronavirus, which forced millions of people to shelter in-place for weeks, depressed demand for oil and gas over the near term. Transportation use of oil dropped in particular, as traffic in automobiles and airlines plummeted, and many types of marine shipping saw large drop-offs. By 2021, energy demand and prices rebounded.

The oil and gas industry cut tens of thousands of jobs at companies both small and large. In addition, oil companies, out of concerns for health safety, shifted many remaining employees from the field to offices or homes, including engineers and drilling specialists. The shift required the industry to speed its adoption of automation and other technologies that enable remote work, including remote monitoring of drilling and production.

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