How COVID brought down Big Oil

GREENBIZ | It’s been a tough year for the oil industry.

In April, there was a mind-bending moment when crude futures dipped into negative figures. Then, after several months of a slow increase in demand, oil prices dropped again this week as Americans hunker down for another round of shutdowns to curb the coronavirus.

The drop is relatively minor — there is still demand for oil in places where the government response to COVID has been competent enough to reopen parts of the economy — yet is another data point in the volatility and uncertain future of fossil fuels.

Experts say this is the beginning of the end.

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