{"id":52580,"date":"2020-04-16T18:11:58","date_gmt":"2020-04-16T23:11:58","guid":{"rendered":"https:\/\/olduvai.ca\/?p=52580"},"modified":"2020-04-16T18:12:02","modified_gmt":"2020-04-16T23:12:02","slug":"oil-gas-petrochemical-financial-woes-predate-pandemic-and-will-continue-after-despite-bailouts-report-finds","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=52580","title":{"rendered":"Oil, Gas, Petrochemical Financial Woes Predate Pandemic \u2014 And Will Continue After, Despite Bailouts, Report Finds"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\" id=\"page-title\"><a href=\"https:\/\/www.desmogblog.com\/2020\/04\/16\/oil-gas-petrochemical-financial-woes-pandemic-ciel-report\">Oil, Gas, Petrochemical Financial Woes Predate Pandemic \u2014 And Will Continue After, Despite Bailouts, Report Finds<\/a><\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.desmogblog.com\/sites\/beta.desmogblog.com\/files\/styles\/full_width_blog_image\/public\/blogimages\/Empty%20Streets.jpg?itok=0HE8s-Ax\" alt=\"empty streets\"\/><\/figure>\n\n\n\n<p>The oil, gas, and petrochemical industries&nbsp;have&nbsp;taken a massive financial blow from the&nbsp;COVID-19 pandemic, a new&nbsp;<a href=\"https:\/\/www.ciel.org\/wp-content\/uploads\/2020\/04\/Pandemic-Crisis-Systemic-Decline-April-2020.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">report<\/a>&nbsp;from the Center for International Environmental Law (CIEL) concludes, but its financial troubles preexisted the emergence of the novel coronavirus and are likely to extend far into the future, past the end to measures aimed at curbing the spread of the&nbsp;disease.<\/p>\n\n\n\n<p>\u201cOil and gas are among the industries hardest hit by the current economic crisis, with leading companies losing an average of 45 percent&nbsp;of their value since the start of 2020,\u201d the report finds. \u201cThese declines touch on nearly every facet of the oil and gas sector\u2019s business, including the petrochemical sector that has been touted in recent years as the primary driver of the industry\u2019s future&nbsp;growth.\u201d<\/p>\n\n\n\n<p>That\u2019s to some degree because of the abrupt plunge in demand for oil resulting from shelter-in-place and quarantine measures that, as of early April, applied to over 3 billion of the world\u2019s 7.8 billion people \u2014 including 90 percent of the United States. And the United States uses an outsize amount of gasoline \u2014 in 2017, the&nbsp;U.S.&nbsp;consumed one fifth of the gasoline used globally, the report notes. Nearly 70 percent of petroleum products are consumed for transportation, the report adds \u2014 meaning that the impact on demand resulting from quarantines is&nbsp;enormous.<\/p>\n\n\n\n<p>But, before the pandemic, oil, gas, and petrochemical firms \u201cshowed clear signs of systemic weakness,\u201d&nbsp;CIEL\u2019s report says, listing factors like the industries\u2019 poor stock market performance, high levels of debt, competition from cheaper renewable energy, slowing growth in demand for plastics, and growing awareness among investors of the impacts that action to slow climate change will have on the&nbsp;sector.<\/p>\n\n\n\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil, Gas, Petrochemical Financial Woes Predate Pandemic \u2014 And Will Continue After, Despite Bailouts, Report Finds The oil, gas, and petrochemical industries&nbsp;have&nbsp;taken a massive financial blow from the&nbsp;COVID-19 pandemic, a new&nbsp;report&nbsp;from the Center for International Environmental Law (CIEL) concludes, but its financial troubles preexisted the emergence of the novel coronavirus and are likely to extend [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[2809,5317,1729,11167,855],"class_list":["post-52580","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-bailouts","tag-desmog-blog","tag-oil-and-gas-industry","tag-sharon-kelly","tag-viral-pandemic"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52580","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=52580"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52580\/revisions"}],"predecessor-version":[{"id":52581,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52580\/revisions\/52581"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52580"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52580"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}