Oil, gas and plastic hit by COVID-19
Published : Saturday, 30 May, 2020 at 11:23 PM Count : 203
As Appalachian oil and gas producers wrestle with economic uncertainty and price slumps related to COVID-19, industry supporters expect a year-end recovery.
Two appalachian petrochemical facilities have been hit by business shutdowns and stay-at-home orders, and global demand has declined and drilling activity across the United States has slowed in response to epidemic delayed progress. The country's oil prices fell below zero for the first time in history last month, although prices are rising again due to increased COVID-19 warnings.
Shell production in the Appalachian Basin has slowed to less than 2 percent in recent months, but new figures indicate a sharp decline in average production of new wells. Analysts at the U.S. Energy Information Administration say natural gas prices across the country will remain below average until business resumes and production declines throughout the year.
Kalyanish Energy reported a 6.8 percent quarterly increase in natural gas production in Pennsylvania this week - the lowest statewide growth rate since 201.
Even in pre-epidemic, Permian basins and other shale reserves, large quantities of cheap gas are flooding the natural gas market, pushing down prices. Global energy prices fell and Pennsylvania utilities were paying lower prices for natural gas.-Internet