Government & Regulatory | Oil & Gas Prices
Energy Official: Oil Industry to Get Welcome Boost As States Re-Open
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U.S. energy officials are saying that the oil industry will see a much-needed boost in the coming weeks as states re-open and demand for oil rebounds, according to a report by Bloomberg.
As more states loosen quarantine restrictions and give businesses the go-ahead to resume operations, U.S. Energy Secretary Dan Brouillette has said that the industry will see "oil prices stabilize" as a result.
As of now, ~25 states are loosening restrictions and those states account for ~40% of the gasoline demand in the U.S., according to Brouillette. An additional 13 states have stay-at-home orders expiring by June, which will bring the re-open state total to 38 by June 2020 (barring any further adjustments by state officials).
In regard to 2H2020, Brouillette's outlook is generally favorable: "The third and fourth quarters in 2020 and certainly into 2021 are going to be very, very robust."
According to a report by the New York Times, here is the latest data in regard to state re-openings (as of May 13, 2020):
- Approximately 25 states are in the process of reopening (stay-at-home orders have expired). They include: Alabama, Alaska, Arkansas, Colorado, Florida, Georgia, Idaho, Indiana, Iowa, Kansas, Mississippi, Missouri, Montana, Nebraska, Nevada, North Dakota, Oklahoma, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, West Virginia and Wyoming.
- An additional 13 states have stay-at-home orders that are expiring within the next couple weeks. These include: Arizona, Connecticut, Hawaii, Louisiana, Maine, Massachusetts, Minnesota, New Hampshire, New Mexico, North Carolina, Ohio, Pennsylvania and Vermont.
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