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

Before the advent of the Coronavirus in early 2020, global prices for oil and gas were extremely depressed largely due to an abundance of supply.  (Much of that abundance was due to massive increases in production from U.S. shale fields.)  The virus, which forced millions to shelter in place for weeks, blunted any chance of recovery in oil and gas prices 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.  The International Energy Agency (IEA) forecast a drop in global demand for…

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