What Could Happen to the Oil Industry?

In Houston, we ALWAYS care about the price of oil. Energy economist Karr Ingham is optimistic, despite the Covid-related lower demand for gasoline. "It could certainly be worse!!! It has not been a bad week for Crude Oil pricing. We're looking at $45 Crude Oil this week. This is an 8 month high. We still have Covid concerns, which means we still have demand concerns." Ingham thinks he knows why the price is up. "I think what has as much to do with this as anything is the optimism of a possibility of a vaccine. It's our first indication that there's some light at the end of this tunnel!" The low demand for gasoline has hurt the industry.

Ingham is apprehensive about the possibility of a change in The White House. "Any democrat administration would exhibit a greater hostility toward the crude oil and natural gas industry than the Trump administration had and did." About Joe Biden, Ingham comments, "Talking about 'moving toward a Green New Deal and clamping down on fracking...it's hard to even know what that means!" In October Biden said in the past he wants to transition away from the oil industry.

He says that the Houston economy is tightly linked with the energy industry, and when things are good in oil - it means high paying jobs abound.

photo: Getty

Crude Oil is at an 8-month high price.

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