The pandemic situation has also aggravated the oil industry. Also, oil consumption is much lower than before the pandemic because people keep their cars in the garage. However, the oil industry will suffer a lot after COVID-19, as well as other industries.
The pandemic situation has affected everything, everything is on pause ( not those who needs to move essentially) including the usage of oil that's why we have seen a massive drop in oil prices because there is low consumption of it, what we have now in our country is stocked oil that's why we aren't getting any price hike. The aftermath of the pandemic might affect the oil industry but I don't see it very severe on the oil industry, I worry more on the stock market.
Topic: The drying oil (Read 921 times)
The pandemic situation has also aggravated the oil industry. Also, oil consumption is much lower than before the pandemic because people keep their cars in the garage. However, the oil industry will suffer a lot after COVID-19, as well as other industries.
The pandemic situation has affected everything, everything is on pause ( not those who needs to move essentially) including the usage of oil that's why we have seen a massive drop in oil prices because there is low consumption of it, what we have now in our country is stocked oil that's why we aren't getting any price hike. The aftermath of the pandemic might affect the oil industry but I don't see it very severe on the oil industry, I worry more on the stock market.
The pandemic situation has also aggravated the oil industry. Also, oil consumption is much lower than before the pandemic because people keep their cars in the garage. However, the oil industry will suffer a lot after COVID-19, as well as other industries.
Scientist are trying hard for alternative energy sources and solar energy might be the alternative everyone will be using because it is environment friendly without any pollution, yet we are not in a situation to say that fossil fuel will not be used in the next decade.
It can actually. Solar power got a lot of potential however there are hindrances for us to widely use it all over the world. From issues about the climate up to business companies wanting this into halt 
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If the countries competing get together and cut the production then the price will recover.
You are not glad that there's a mass price rollback? Why seems you want oil prices to recover? Hmm, I think it is better to remain this way especially that we face financial crisis. Such decline on the price of this commodity absolutely lessens our burden 
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The only oil price that has dropped was the American oil company and I think the reason for the negative prices is the fact that they are still producing oil and amping up the price resulting in a high supply but with the pandemic spreading the demand was so low that they can't recover the expenses for the oil production, one thing to note about is the fact that the negative price of oil does not mean that they are going to pay you for getting a barrel, they are paying for the storage. These sudden dump of oil price is expected because there is a pandemic which obviously will put some businesses and industry on halt, it was unfortunate that the oil industry is affected too.
We are at the break of a new dawn where oil is not needed as much as it used to, there are still ways that oil could be used but that is getting smaller and smaller, one day we will no longer need it at all.
Scientist are trying hard for alternative energy sources and solar energy might be the alternative everyone will be using because it is environment friendly without any pollution, yet we are not in a situation to say that fossil fuel will not be used in the next decade. The reason crude oil prices are in the headline is because many countries are selling oil and the production keeps on increasing while the demand is not proportional nor space to store the product. If the countries competing get together and cut the production then the price will recover.
The fact is that in the market the demand for oil has begun to decline significantly with a drop in the pace of economic development worldwide. Moreover, this trend began to intensify even with the emergence of problems due to the coronavirus pandemic, when the need for oil as a source of fuel decreased even more. but since market prices always fluctuate depending on supply and demand, the oil supply on the market has increased many times. new players appeared on the oil market with serious volumes of their goods, such as China, Kazakhstan and Angola, and despite the tense situation in Brazil and the almost martial state of Iraq and Libya, these countries did not reduce oil production. In addition, the United States and Canada show significant growth in oil production. It seems to me that it is very difficult to predict further developments in the oil market, but if the oil supply exceeds consumer demand, the oil price will no longer rise to last year's prices.
Okay we get it, less cars, less vehicles traveling so the oil is not that what we really need right now
there are things that more people need too on this kind of situation not just oil .
But, why is the price be looking like this? It is not only the cars that uses oil, we also have a lot of machines that isn't running without the oil
you mean price drop sharply ? you said less vehicles traveling now so that could be the main reason . aside from cars , all i can think of that uses it is generators and nothing else but generators are rarely being used too
Don't tell me the covid-19 global pandemic cases is inversely proportional with the oil price lol
dont know what you mean but i only know is that covid affects everything .
as of now XRP is worth more than a barrel of oil. Smack it to the face of those people who's shouting that cryptocurrency is soooo VOLATILE 
crypto is really volatile , who said not ?
i'm sure this pandemic take a part for the oil price, as what u said , the demand about oil become low because most of ppl save their own assets to survive at this pandemic
Okay we get it, less cars, less vehicles traveling so the oil is not that what we really need right now
there are things that more people need too on this kind of situation not just oil .
But, why is the price be looking like this? It is not only the cars that uses oil, we also have a lot of machines that isn't running without the oil
you mean price drop sharply ? you said less vehicles traveling now so that could be the main reason . aside from cars , all i can think of that uses it is generators and nothing else but generators are rarely being used too
Don't tell me the covid-19 global pandemic cases is inversely proportional with the oil price lol
dont know what you mean but i only know is that covid affects everything .
as of now XRP is worth more than a barrel of oil. Smack it to the face of those people who's shouting that cryptocurrency is soooo VOLATILE
crypto is really volatile , who said not ?
The prices will probably not rebound that well at all, not just any time soon but never. We are at the break of a new dawn where oil is not needed as much as it used to, there are still ways that oil could be used but that is getting smaller and smaller, one day we will no longer need it at all. That is why I could understand why the price may never rebound. Definitely with the inflation and all when a gum is worth over a dollar, the price of oil will be where it was one day, maybe in a decade maybe longer but at the same time we are talking about other stuff taking its place.
I feel like maybe the oil price could be 20 bucks at max because at this point that is what it deserves, even if the lockdown is lifted there won't be all that much purchase for a long time.
There are chances that after pandemic is over oil will break the ceiling and will come back as trading leader.I feel like maybe the oil price could be 20 bucks at max because at this point that is what it deserves, even if the lockdown is lifted there won't be all that much purchase for a long time.
I hope it will not happen and we'll slowly forget what oil is and will be all about renewable energy sources, but its hardly believable
The prices will probably not rebound that well at all, not just any time soon but never. We are at the break of a new dawn where oil is not needed as much as it used to, there are still ways that oil could be used but that is getting smaller and smaller, one day we will no longer need it at all. That is why I could understand why the price may never rebound. Definitely with the inflation and all when a gum is worth over a dollar, the price of oil will be where it was one day, maybe in a decade maybe longer but at the same time we are talking about other stuff taking its place.
I feel like maybe the oil price could be 20 bucks at max because at this point that is what it deserves, even if the lockdown is lifted there won't be all that much purchase for a long time.
I feel like maybe the oil price could be 20 bucks at max because at this point that is what it deserves, even if the lockdown is lifted there won't be all that much purchase for a long time.
Is the United States readying themselves for war while it's cheap? I believe after the times the U.S. stockpiled Crude Oil, a big war broke out.
Believe me the US are not happy with all this stockpile, and for sure not about the price being so low. And a war against who exactly? not THEY are the big boys in the oil industry.
If I were one of the biggest companies who used to buy oils then I could use this one time opportunity. And have them owe me for the oil's price is surely at negative but still I got to avail them...
And today all the deposits are full, and nobody know where to store this oil.
This sent the price negative. Everyone is fully stocked.
And yeah, you got a point. Buying is surely an easy thing but where to store those things, is a different matter.
Is the United States readying themselves for war while it's cheap? I believe after the times the U.S. stockpiled Crude Oil, a big war broke out.
Believe me the US are not happy with all this stockpile, and for sure not about the price being so low. And a war against who exactly? not THEY are the big boys in the oil industry.
If I were one of the biggest companies who used to buy oils then I could use this one time opportunity. And have them owe me for the oil's price is surely at negative but still I got to avail them...
And today all the deposits are full, and nobody know where to store this oil.
This sent the price negative. Everyone is fully stocked.
This is where solar electric and renewable energy sources really have their time to shine.
Kick oil and other fossil fuel sources while they're down, and maybe they can get a better foothold on the industry.
Oil and fossil fuel emissions are one of the worst things for our planet (along with deforestation). It's about time the oil industry took a god damned beating.
Kick oil and other fossil fuel sources while they're down, and maybe they can get a better foothold on the industry.
Oil and fossil fuel emissions are one of the worst things for our planet (along with deforestation). It's about time the oil industry took a god damned beating.
Is the United States readying themselves for war while it's cheap? I believe after the times the U.S. stockpiled Crude Oil, a big war broke out.
Believe me the US are not happy with all this stockpile, and for sure not about the price being so low. And a war against who exactly? not THEY are the big boys in the oil industry.
If I were one of the biggest companies who used to buy oils then I could use this one time opportunity. And have them owe me for the oil's price is surely at negative but still I got to avail them...
Okay we get it, less cars, less vehicles traveling so the oil is not that what we really need right now
But, why is the price be looking like this? It is not only the cars that uses oil, we also have a lot of machines that isn't running without the oil
In a situation like this it’s going to be difficult for stocks like oil to move forward, no one is buying them. The report is that the sellers are even begging to sell their oil. How can oil be growing when it’s the sellers begging to sell their oil? Covid-19 has changed everything, and it didn’t just affect oil, other stocks were affected as well.But, why is the price be looking like this? It is not only the cars that uses oil, we also have a lot of machines that isn't running without the oil
Oil is not a thing right now, as energy is slowly taking over. There are now lots of electric cars that don’t need any oil to power them. As time goes on, the automobile industry might start releasing more cars that are electric cars and less of cars that makes use of oil.
Okay we get it, less cars, less vehicles traveling so the oil is not that what we really need right now
Even the oil price in our province is low. Since we have tricycle and it uses oil and fuel (which also has a low price), I advised my mother to buy extra but not too many because it is still dangerous. Fuel can cause fire plus the weather in Philippines in this month is so hot. So those extra are just in case of emergency plus save money due to low price.Don't you worry about the weather, if it is too hot, from tropical country like Philippines it never reaches above 60 degrees too far from the smoking point of an oil which is relatively from 300 degrees celsius to 500 degree celsius.
Okay we get it, less cars, less vehicles traveling so the oil is not that what we really need right now
Even the oil price in our province is low. Since we have tricycle and it uses oil and fuel (which also has a low price), I advised my mother to buy extra but not too many because it is still dangerous. Fuel can cause fire plus the weather in Philippines in this month is so hot. So those extra are just in case of emergency plus save money due to low price. 
Could we maybe see an increase in oil usage in the future because of this? I have never considered it but I was always saying maybe this is because people are moving towards renewable energy all the time and there are improvements on the structure of solar panels which makes it a lot cheaper and allows people to have good looking roof and also never pay for electricity again etc etc.
However we are not really thinking it through, I didn't at least. With oil becoming so cheap, when you are offering people what they want to use for energy, if they have the choice they could basically make a change on their production and move to oil instead of renewable energy because it is quite cheap, that really change changes things. If that is true we are in for a bigger trouble.
However we are not really thinking it through, I didn't at least. With oil becoming so cheap, when you are offering people what they want to use for energy, if they have the choice they could basically make a change on their production and move to oil instead of renewable energy because it is quite cheap, that really change changes things. If that is true we are in for a bigger trouble.
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