Nobody's going to be buying a new car for a while. It freezes things as they are. But at some point I would guess that some car repair shops open again as an "essential service".
Nobody's going to be buying a new car for a while. It freezes things as they are.
But at some point I would guess that some car repair shops open again as an "essential service".
The growing fear among many traders is that oil demand, which averaged just over 100 MMbpd in 2019, may contract by the most ever this year, easily outstripping the loss of almost 1 MMbpd during the great recession in 2009 and even surpassing the 2.65 MMbpd registered in 1980, when the world economy crashed after the second oil crisis.
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The anecdotal evidence of lower oil demand is everywhere: Deutsche Lufthansa AG, the German carrier, said it could reduce the number of flights by as much as 70% in the next few days while American Airlines Group Inc. will slash long-haul international flights by 75%, Delta Air Lines Inc. grounded as many as 300 planes and Air New Zealand Ltd. will slash its long-haul capacity by 85%. Traffic congestion in cities from Seattle to Milan and Madrid show fewer journeys, according to data from TomTom International BV. Restaurant bookings in New York, Boston, San Francisco and Seattle fell by as much 50% compared to a year ago, according to OpenTable, an online restaurant-reservation service.
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For the oil market, it’s a mirror of what happened in China earlier this year, but on a much wider scale. At the height of the coronavirus outbreak in China in February, the country’s oil demand fell at least 20%, or about 3 million barrels a day. The U.S., Germany, France, Italy, Spain, the U.K. and Canada consume 31 million barrels a day, implying that a similar percentage drop in consumption to the one that China suffered would cut demand by about six million barrels a day.
I really wonder how this plus the recent massive drop in prices will both affect the move to electric vehicles and more sustainable practices.
Nobody's going to be buying a new car for a while. It freezes things as they are.
But at some point I would guess that some car repair shops open again as an "essential service".
From the article:
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