Oil and Gas Industry Slowly Recovering As Economies Open Up

Oil and gas analysts feel a lot better about the second half of the year compared to April. Oil prices have been slightly up this week, as many see forty dollars a barrel as a vast improvement compared to when it dipped below ten dollars earlier this year.

Oil prices continue to climb, but it will still be a while before the energy industry fully recovers.

Despite the lack of a stimulus package by Congress, global oil prices have been rising in recent weeks as economies throughout the world slowly recover. Oil and gas economist Karr Ingham says the steady climb is a welcome one, especially compared to the lows we saw in April.

“They are not as good as they were pre-pandemic, and that’s reflective of the fact that the economy itself is simply not as good as it was, but we’ll take forty dollar oil over ten dollar oil any day of the week,” Ingham said.

Ingham says it may be another year before the oil industry gets back to pre-pandemic levels. He warns another shutdown, however, could make it worse.

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