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Oil's Spectacular Covid Crash Set the World Up for $100 Crude

Bloomberg · James Herron, Grant Smith, Kevin Crowley, Laura Hurst · last updated

The energy industry cut back during the pandemic, paving the way for a runaway rally that has huge implications for the global economy.

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Related Knowledge Center: ENERGY BASICS: petroleum

State of Play

While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.

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