Where The U.S. Oil Industry Stands

But how much have the underlying fundamentals recovered since the widespread March and April business shutdowns crushed demand for oil? Because some of the following figures are influenced by the season, I will compare current numbers to those at the beginning of the year, as well as those a year ago.

Likewise, demand still hasn’t recovered. For the same week ending 8/14/20, the four-week average for U.S. demand for petroleum products was 18.4 million BPD. That’s a decline of 14% from the 21.5 million BPD demand from the same period last year. But it does mark a substantial recovery from early April, when weekly demand dipped below 14 million BPD.

This analysis does not take into account increased use of natural gas replacing oil products.

Is that good or bad news? Because we're out here struggling too. These billionaires won't miss a single meal at the end of the year.

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