The plunge in the price of crude oil during the first wave of coronavirus lockdowns -- futures prices briefly turned negative -- was due to the drop in global demand as planes were parked on tarmacs and cars in garages.
The COVID-19 pandemic was in full swing then with most planes grounded and white-collar workers giving up the commute to work from home.SUMMITED?Mostly, it has been focused on peak production, with experts forecasting that prices would reach astronomical levels as recoverable oil in the ground runs out.
"If they are successful, demand for oil might never return to the peak we saw prior to COVID-19," he said in comments to journalists."After the pandemic, we might have a different attitude to international air travel or physically going into work," he said.Other experts say we haven't reached the tipping point yet, and might not for a while.
Moez Ajmi at consulting and auditing firm E&Y dismissed as "science fiction" the idea that a definitive drop in oil demand could suddenly emerge.That weakness would also likely slow adoption of greener fuels.
Not until there's something to replace it. Those saying 'good' should let us into their secret replacement for fossil fuels. Obviously they have some other method to heat their home right?
You really think we are that stupidly gullible?
The need for oil will always be there. But Green Energy is the future, there's no debating this. The sooner that Canada begins massive green energy investment & starts transitioning the sooner the job/wealth creation can begin, & the sooner we can be on track to a greener economy
Good
So after this hoax lockdown CTV is betting the world will never get back producing and preforming the way it did. So I, and billions of other ppl won’t ever have to drive to we irk ever again Okay CTV
A fallacy. The emerging countries in the third world will maintain the demand.
ridiculous article. no, big oil will not rebound back to previous peaks. world is moving away from fossil fuels. will see steady declines year after year. anyone who doesn't think so is smoking some great weed. big oil is dying. only way for big oil to live is become big clean
Fun fact: It was oil, and its associated petroleum based by-products, that actually saved the whales.
Petroleum is a very valuable resource and we should save it for critical uses. And not waste it in areas which have alternatives like passenger cars
Yet another ‘Doh’ moment for Big Oil
Slow day for news? We have heard this line since the 70s.
I highly doubt that demand has peaked when we add 80 million people a year to the planet. Obviously things slow when you have something like this pandemic but once it’s run it’s course things will be somewhat back to normal.
When are you going to report on human trafficking? At least try to be relevant for Heaven sakes.
🙄FakeNews
FakeNewsMedia FakeNews
fakenews
Does Trudeau's Gerald Butts write this for you directly or mail it in for you to report?
Every time oil prices drop some goof comes up with this same BS
This story gets reported every 2-3 years. It's bullshit. I wouldn't expect to know that though.
Nonsense. More pandering to the greenies.
Since economies have been shut down one would have to be an idiot to come to that conclusion
I somehow doubt very much we are there yet
Peak demand won’t be met for another 10-20 years. Of course during a global shutdown dummy CTV news would try to make people believe false information.
Would be nice to think they’ve passed stupidity in using it
CTV News and the rest of the liberal fake news hacks should be closed down and employees that are responsible for spreading fake news and causing people to hate each other should be arrested.
Oil is dead!!
Miss the part about Sabre rattling between Russia and the Saudis and the black swan being Covid? This is blatant bullshit and probably politically motivated.
CTV, you are dreaming. As the world continues to populate, the demand will increase. And canada should be a major exporter of oil and gas. Try a little positive news about the energy industry as it pay a lot of bills.
We are riding our bikes for errands and small shopping. It is great, fast, excercise and surprisingly wonderful. At the moment a cheeky toad is hiding under the car in the garage so his message is leave the car at home. Bicycles are in huge demand, car makers please make some.
My buddy BigDawg from Alberta disagrees with you.