Oil and gas faces long road to recovery as economy slowly reopens

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WHEELING, W.Va. (WTRF) – In the mist of the COVID-19 pandemic, oil prices have plunged into the negative.

However, with the economy slowly reopening and motorists heading back on the roadways, demand for gas has increased.

The oil and gas industry has also benefited from Russia and Saudi Arabia slashing production. However, financial experts say it will take some time before jobs industry sees new jobs.

There is so much in reserve right now—they just simply don’t need to drill. That’s why you have seen locally a lot of the pads have shut down and people aren’t getting quite the payouts on their leases. However, if demand comes back, quickly, you could see a spike. Because you’re gong to have a lot of people that weren’t going out, that weren’t traveling and I think the biggest effect you’re going to see on oil is how fast the airlines come back.

Jason Haswell, Monteverde Group – Wheeling

Although oil prices have slightly increase recently, costs remain about half of what it was before the pandemic.

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