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Over decades the oil and gas industry has experienced significant ebbs and flows related to oil price. Each episode triggered by a variety of events some of which are listed below:
In 2020, the world experienced an unprecedented pandemic, Covid-19. The pandemic dramatically affected every industry in the United States, most notable, the oil and gas industry. The oil and gas industry experienced what we call, āThe Perfect Storm.ā This event triggered a historic oil price drop, which resulted in a negative oil price. This significant drop in oil price and the effects of Covid-19 sent the market into a tailspin, leaving several oil and gas companies in financial distress therefore jeopardizing the industryās ability to recover without restructuring. This drop in price was the result of several factors:
Econ One recognizes the importance of understanding the trends and the associated ripple effects in the market that ensue due to oil price fluctuations. This energy sector dashboard tracks trends from 2015 to present highlighting various components that are affected by oil price fluctuations. This dashboard provides data related to the following:
[trend-url url=”energy_price”]
[trend-url url=”energy_decline”]
[trend-url url=”energy_bust”]
Gasoline, Diesel and Jet Fuel Usage Changes Due to Covid-19:
[trend-url url=”energy_fuels”]