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The Big "Fast-Forward" in the Energy Industry

Business Acumen: Energy Industry

An industry known for its cyclical nature… celebrating the highest of highs, and surviving the lowest market lows… nothing has ever affected the energy industry on the same scale as COVID-19. In April 2020, as the pandemic ravaged the world, global oil demand fell by 25%. Crude oil prices collapsed from a combination of lack of demand due to the sharp decline of economic activity and an unexpected increase in supply caused by lockdowns across the globe. By the end of 2020, the oil and gas industry had laid off about 14% of its permanent workforce. Now that the economy is recovering, it’s to be expected that the energy sector would be recovering as well. But...instead, something really strange has been happening. The pandem