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A Webinar by Chris Rhodes:
"Covid-19, Fracking and the Global Oil Supply"
how Covid-19 caused an oil price crash, and what this might mean for the future of oil and low-carbon energy.
The price of crude oil has crashed in the wake of the Covid-19 crisis, and the consequent fall in demand for liquid transportation fuels. Ironically, it is the "success" of the shale industry, through fracking, that has provided much of the growth in overall global oil production during the past decade, and yet the current low oil price has raised concerns over the future robustness of this industry. While it is true that plans to revitalise the global economy "post-covid" must also create substantial and permanent reductions in carbon emissions, the prevailing oversupply of oil will in any case be attenuated by the background fall in production from existing oil fields, which has, so far, only been offset by production from unconventional sources: mainly shale and oil sands. Since oil is a critical raw material for the running of global civilization, it is essential to anticipate how its supply may play out, against demand, in the coming decades, and this must be considered in the broader context of our use of energy, overall, and of resources in general.
