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- SPRINGFIELD – Oil production in Illinois has been on the decline for many years, but a steep drop in demand brought on by the economic slowdown spurred by the COVID-19 pandemic has taken a big bite out of the industry.
capitolnewsillinois.com/news/illinois-oil-production-slumps-during-pandemic/Illinois oil production slumps during pandemic | Capitol News ...
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- 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
Mar 9, 2021 · U.S. crude oil production averaged 11.3 million barrels per day (b/d) in 2020, down 935,000 b/d (8%) from the record annual average high of 12.2 million b/d in 2019. The 2020 decrease in production was the largest annual decline in the U.S. Energy Information Administration’s records.
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.
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.
Jun 14, 2023 · Growth in the world’s demand for oil is set to slow almost to a halt in the coming years, with the high prices and security of supply concerns highlighted by the global energy crisis hastening the shift towards cleaner energy technologies, according to a new IEA report released today.
Sep 21, 2021 · NEW YORK, Sept 21 (Reuters) - Oil prices rose modestly in a see-saw session on Tuesday, as concerns about the global consumption outlook counterbalanced the struggle by big OPEC producers to...