The current crisis facing the oil industry happened seemingly overnight, the result of a two-pronged situation: the economic slowdown caused by the global COVID-19 pandemic and the predatory attempt by Saudi Arabia and Russia to eliminate competition from the American energy industry.
The fallout, however, may be felt for years, and in disparate ways. The move to zero-carbon energy and even the electrification of the vehicle fleet are likely to be slowed. The oil majors’ hold on the Permian Basin will grow stronger. And traditional energy companies may shift priorities from environmental and corporate social responsibility initiatives preferring instead to focus on employee safety, community health and profits over a broader remit.
