Since the very beginning of the novel coronavirus pandemic, it was clear that coronavirus would have a severe and lasting impact on the energy industry. At first, as the worldwide economy ground to a sudden halt, energy demand plummeted, causing oil markets to go haywire. OPEC+ almost immediately turned on each other causing a price war and global oil glut, and in North America oil prices did the previously unthinkable, with the West Texas Intermediate crude benchmark bottoming out way below zero, closing the day at nearly $40 in the hole. In the same month, energy consumption in the United States hit a stunning 16-year low . Now, although oil markets have recovered in comparison to what some are calling Black April, the outlook is still bleak for fossil fuels. Energy consumption actually continued to get a lot worse, hitting a whopping 30-year low before leveling off. Demand has […]