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Jul 30, 2020 · Illinois crude oil production in the first half of 2020 was 8.3 percent below levels seen in the first half of 2019, totaling 3,663,050 barrels. However, Illinois oil output returned to more typical pre-COVID-19 pandemic production levels in June.
Apr 24, 2022 · Crude oil prices are down more than $20 from their peak last month. President Biden has tapped the Strategic Petroleum Reserve and reopened oil leases on public land, and yet gas prices remain stubbornly high.
- It's The Supply Chains, Stupid
- The Shortage of Workers Impacts The Oil Industry Too
- Investors Could Push Back
The first challenge is operational. Drilling additional wells is not as simple as turning a spigot and watching oil gush out. U.S. crude production currently stands at 11.6 million barrels per day, according to the latest datafrom the U.S. Energy Information Administration. That's below March 2020 levels, when the country was producing 13 million b...
The number of workers producing oil and gas had been steadily decreasing since 2015. Then when the pandemic started and demand for oil fell off a cliff, lots of workers were laid off. Employment in the sector dropped from 137,000 workers in February 2020 to 113,000 a year later, according to data from the Bureau of Labor Statistics. Stacey Morris, ...
However, the biggest factor for U.S. oil producers may simply be fear. Over the last decade, U.S. oil production saw tremendous growth. But when prices crashed in 2014, investors lost big money. Oil prices are notoriously volatile, with the industry often suffering from boom-and-bust cycles. But in the last few years, investors have been making cle...
- Brittany Cronin
Jun 12, 2024 · New IEA medium-term outlook sees comfortably supplied oil markets to 2030, though unwavering focus on energy security will remain crucial as powerful forces transform sector. Growth in the world’s demand for oil is expected to slow in the coming years as energy transitions advance.
Aug 13, 2021 · Oil prices dipped on Friday and ended the week little changed after weathering concerns from banks and the International Energy Agency that the spread of coronavirus variants is slowing oil...
Apr 29, 2020 · “Lower prices are slowing down this move to renewable energy sources,” said Giovanni Staunovo, an oil analyst at UBS, who does not believe the peak in demand has been reached.
People also ask
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Feb 9, 2021 · Not surprisingly, the TIPRO report finds that Illinois upstream oil and natural gas production industry jobs were down 19 percent last year. The oil price demand and price shock created by the COVID-19 pandemic had an even bigger negative impact nationally, as upstream jobs were down 24 percent across the country.
