Coronavirus has swept the entire world over recent months. We have all been told to stay home and to only leave the house when absolutely necessary. Many businesses have been forced to close and the future at the moment is very uncertain for most, especially for the oil and gas industry.
Oil and gas has taken a dip in demand which has seen oil and gas prices reach incredible new lows as businesses have ceased trading. Analysts say that the savage price war means the oil and gas sector will never be the same again.
In recent days oil prices have fallen below zero, with some producers paying for others to take barrels away – something that has never been seen. Whilst oil is in high supply, storage is too and many are almost full, resulting in producers practically giving it away. However, this doesn’t mean to say at the pump you’ll be paying any less as petrol stations pick their own prices. Demand for oil overall is obviously lower as more businesses close but it does also have its benefits.
The effects on the world since less oil and gas has been used is phenomenal. The air is cleaner, skies are bluer and wildlife is returning to somewhat “normal”. As the atmosphere is gradually healing it may be that during this time manufacturing should seek alternatives to help tackle climate change. We can all do our bit to tackle climate change, especially today, 22nd April 2020, which marks the 50th anniversary of Earth Day. This year, due to the pandemic, Earth Day has decided to go virtual. During this 24 hours, a new call to action will be announced every hour, big and small, so why not get involved?
