Oil Demand Is Bouncing Back

Oil Demand Is Bouncing Back

Pump jacks are shown in an oil field, Wednesday, July 29, 2020, in Midland, Texas. (AP Photo/Tony ... [+] Gutierrez) As the Covid-19 pandemic began to spread last year, I developed an idea. I hypothesized that the pandemic would cause a permanent dent in oil demand. I covered that hypothesis in a couple of articles last year, including Will Covid-19 Hasten The Demise Of Fossil Fuels? My reasoning was that the large scale move to telework would prove to be very popular, and some companies would simply continue to business that way. Meetings that required people to fly halfway across the country could easily be done by teleconferencing. Once people were forced to adapt to this, they would embrace the advantages and the potential costs savings. I have participated in many such meetings over the past year, and the convenience vastly trumps the travel required to meet in person. Before the pandemic it seems like most interviews for television broadcast were done in person in the studio. Now, most interviews are done via Skype or some other teleconferencing application. We accept that as perfectly normal now. Don't get me wrong. There are still advantages to meeting in person. Even as