While there are many US industries that are struggling to maintain their normal business activities (if they have not collapsed altogether), there are some which are thriving during this pandemic. One of them is oil which has been seen to make a comeback, at least from an initial superficial glance.
Brent cruse’s barrel price increased to over $60 for the first time in over 12 months. In addition, cobalt and lithium (among other battery metals) have seen a price increase alongside copper and nickel which has gone up even more. This is definitely good news but according to experts, not yet quite reason to celebrate a return to normal times.
According to forecasts from the American Petroleum Institute, the industry could encounter up to a million loss in jobs by 2022 as well as $9 billion risk to government revenue and American households having to spend $19 billion more on energy by 2030. Some states will be even more negatively impacted such as New Mexico and Wyoming which are likely to not only lose “thousands of industry jobs and access to affordable energy, but also billions in state revenue that could hurt public services, schools, infrastructure and health care.”