OHIO (WTRF)- Ohio’s Oil and Natural Industry took a big hit during the pandemic, but the big question is: Will things bounce back in 2022?
Experts weigh in.
The demand for Ohio’s Oil and Natural Gas Industry dropped drastically when COVID hit. Experts explain that’s because people stopped going out, and so, the need for transportation fuel went down.
They continue to explain that threw off the Oil and Natural Gas Industry. It affected their prices, workforce, and how many permits and drilling rigs they had.
Once the economy opened back up, the industry took a different turn. The demand ramped up, while supply was playing catch up.
Meanwhile, experts remain cautiously optimistic things will bounce back to before.
We’re not quite sure what’s going to continue to happen in Washington DC. You know, what comes out of the White House? What comes out of Congress? I will say, again, specifically in Ohio and generally in the Appalachian Region is that we’re going to continue to see probably more mergers and acquisition.Mike Chadsey, Ohio Oil and Gas Association
Experts also predict we’ll no longer see bankruptcies in 2022 but more production and activity.