"The day started like any other gloomy Monday in the oil market’s worst crisis in a generation. It ended with prices falling below zero, thrusting markets into a parallel universe where traders were willing to pay $40 a barrel just to get somebody to take crude off their hands."
The dramatic drop in demand for oil, driven by the shutdown of world economies by coronavirus, has meant a corresponding fall in prices. And that has profound environmental implications. But it’s a complicated dynamic to assess. Our Issue Backgrounder provides a look under the hood of Big Oil, and explains what it means for environment reporters. Plus, a Reporter’s Toolbox for tracking the data.
"Covid-19 and climate change are testing a food system that critics say has lost its resilience."
"The great price collapse of 2020 will topple companies and transform states."
"Plummeting global demand for fish and seafood as a result of the coronavirus crisis is likely to create an effect similar to the halt of commercial fishing during World Wars I and II, when the idling of fleets led to the rebound of fish stocks."
"The Trump administration is considering paying U.S. oil producers to leave crude in the ground to help alleviate a glut that has caused prices to plummet and pushed some drillers into bankruptcy."
"Clean energy industries lost more than 106,000 jobs last month due to the novel coronavirus pandemic and could end up shedding over 15% of their entire workforce this quarter, according to a report released yesterday."
"A new alliance of ministers, chief executive officers and researchers urged the European Union to build its recovery package after the coronavirus crisis around the Green Deal strategy of sustainable growth."
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