The Oil Industry Sees Major Bounce Back

July 23, 2020
The Oil Industry Sees Major Bounce Back

The oil industry is experiencing a slight uptick in sales now that states are reopening due to COVID-19.

The oil industry was facing large-scale deficits as the US continued to face the effects of COVID-19. The issues comes as basic supply and demands were extremely low.

While states continue to implement stay-at-home procedures, many industries are taking the hit. Throughout the country, traveling was at a stand still.

The loss of multiple factions of the travel industry meant that gas purchases were significantly low. While many were staying inside and only driving for groceries, the use of traveling to other places was also significantly low.

Well, since states are opening up (despite the effects of the virus), the oil industry is experiencing a slight uptick in sales. As many are going back to work and traveling between states, the consumption of gas is increasing.

As states begin to open, the results are showing things moving forward for big oil.

While traveling and commuting is beginning to speed up, outside the US is looking differently.

In Europe, control of the virus is being taken more seriously. So seriously, that many countries are starting to open for travel. The airline industry is opening for travel between countries for business and leisure.

At the start of the pandemic, the oil industry ran into massive hurdles. With benchmark businesses selling oil lower than $0 dollars a barrel – the prices were in a downward spiral.

There is a light at the end of the tunnel for one of the worlds largest industries. With major production companies reeling back on how much oil they can extract, the slowdown seems to be picking up.

While the US continues to battle the virus, some major industries are looking ahead when the issue of COVID-19 is over.

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