for Low Oil Prices
Even after historic cuts, lower demand means the oil market is still under pressure.
BP believes evolving policy, technological advances and COVID-19 mean peak oil demand will be reached in the 2020s—or has already happened.
In a sign of the times, ExxonMobil has been replaced on the Dow Jones Industrial Average by tech company Salesforce.
The Dakota Access pipeline shutdown could remove 570,000 barrels per day of takeaway capacity from the Bakken shale formation.
With global demand perhaps permanently scarred from the pandemic, the U.S. oil industry may have already peaked.
While almost every other industry increased employment, the number of people working in the U.S. oil and gas sector continued to fall.
Two high-profile pipeline setbacks are part of a broader story in which the winds facing the oil and gas industry are blowing in an increasingly unfavorable direction.
A tighter market could help shale bounce back, but the heady days of aggressive growth-at-all-costs drilling are long gone.
A growing number of analysts argue that the worst is over for oil, but demand remains substantially lower.
Cautious optimism is returning to the oil industry, but prices are nowhere near profitable for the domestic industry.