It’s a rule of thumb among epidemiologists that every epidemic is different and could be laden with surprises. It now seems the same applies to economic crises. During the last downturn, the one that started from the subprime mortgage crisis, the hardest-hit industries were, understandably, real estate and banking. Now, it’s oil and gas in the crosshairs, and nobody knows if the industry will ever be able to recover fully. Just like the coronavirus epidemic that started in China and within two months spread all over the world forcing people to stay at home, the March OPEC+ meeting that was supposed to lead to a deeper round of production cuts ended in a price war. It couldn’t have come at a worse time, but nobody could anticipate the lockdowns and shelter-in-place orders at the time. Since then, the odds have stacked up against oil and, to a lesser extent, […]