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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.
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Feb 10, 2021 · The state’s 2020 oil production was 8.9 percent below 2019 levels. A similar production drop was observed throughout the United States, as the COVID-19 pandemic-induced oil demand and price shock led to national production dropping 8.1 percent, from a record 12.3 million barrels per day in 2019 to 11.3 million barrels per day in 2020.
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.
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.
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.
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.
Mar 19, 2022 · 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.
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.
