Oil prices went below $0 for the first time ever on April 20, 2020. As millions of people stay at home and reduce their gasoline consumption due to coronavirus, oil prices are feeling the pressure. There are now huge amounts of excess oil that companies cannot unload.
Because places to store extra oil is running low, the price is now negative. And that price affects companies. “There will be a lot of companies that don’t survive this downturn,” Ryan Fitzmaurice, energy strategist at Rabobank, told CNN. “This is one of the worst on record.”
Another economic consequence of the coronavirus. But many oil companies were continuing to build impressive infrastructure during the beginnings of the coronavirus pandemic. In March, oil companies in Texas drilled 1,175 new wells. That’s a 30% increase from the previous year.
So does this mean we’re done with fossil fuels? Because coronavirus economic changes are unknown and temporary, it’s hard to say. But environmental activists are done with oil production during coronavirus.
“Continuing construction of new fossil fuel infrastructure and expanding production during a massive oil supply glut is madness,” Collin Rees, a senior campaigner at the environmental group Oil Change USA, said in an email to HuffPost. “It’s the opposite of ‘essential,’ and it’s unbelievably dangerous to both workers and the communities they’re entering, many of which are already underserved by health services. This is just one more example of the Trump administration bailing out Big Oil and putting the interests of CEOs ahead of working people and communities on the frontlines.”
Scientists believe that the spread of COVID-19, or coronavirus, started at an exotic animal market in Wuhan, China. You can help stop the incidence of viruses like these by signing this petition to ban the wildlife trade.
This is a good time to reconsider our intake of animal products to stay healthy. Eating more plant-based foods is known to help with chronic inflammation, heart health, mental wellbeing, fitness goals, nutritional needs, allergies, gut health and more! Dairy consumption also has been linked to many health problems, including acne, hormonal imbalance, cancer, prostate cancer and has many side effects.
Interested in joining the dairy-free and meatless train? We highly recommend downloading the Food Monster App — with over 15,000 delicious recipes it is the largest plant-based recipe resource to help reduce your environmental footprint, save animals and get healthy! And, while you are at it, we encourage you to also learn about the environmental and health benefits of a plant-based diet.
- Weekly Vegan Meal Plans
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- Plant-Based Nutrition Resources
- The Ultimate Guide to Plant-Based Nutrition
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Catch up on our latest coronavirus coverage in One Green Planet, check out these articles:
- How Coronavirus and the Wildlife Trade are Linked
- Jane Goodall’s Talks about Coronavirus and the Treatment of Wild Animals
- United States Now Has Most Coronavirus Cases in the World
- Coronavirus Update: How Emerging Diseases are Linked to Factory Farms
- Coronavirus Update: Death Toll Surpasses SARS
- The Difference Between COVID-19 and the Flu
- Coronavirus Update: Quarantined Patients Given Turtles for Dinner In Spite of
- Coronavirus Update: Your Pets are Not in Danger
- China Acts on Coronavirus and Temporarily Bans Wildlife Trade
- Coronavirus Update: World Global Emissions Have Dropped
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