Oil production in the United States has been slashed by 12 percent since February in response to record-low oil demand, and energy experts wonder if the world will ever return to burning 100 million barrels a day, reports the Washington Post. Some oil producers are facing bankruptcy, including Chesapeake Energy, an Oklahoman company which leads in hydraulic fracturing.
Meanwhile, renewable energy and electric vehicle producers such as Tesla could compete for returning energy demand when the economy begins to reopen.
“The economy’s going to do what the economy’s going to do,” said Ron Ness, head of the North Dakota Petroleum Council. “Until we see demand recover, we have no idea what’s going to happen.”
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