Hurricane Laura sends large waves crashing on a beach in Cameron, La., on Aug. 26 as an offshore oil rig appears in the distance. The most active hurricane season on record was just one of many challenges facing the oil industry this year aside from the attention-grabbing crisis of the pandemic. Andrew Caballero-Reynolds/AFP via Getty Images
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toggle caption Andrew Caballero-Reynolds/AFP via Getty Images
Hurricane Laura sends large waves crashing on a beach in Cameron, La., on Aug. 26 as an offshore oil rig appears in the distance. The most active hurricane season on record was just one of many challenges facing the oil industry this year aside from the attention-grabbing crisis of the pandemic.
Originally published on January 3, 2021 4:11 pm
It s no surprise that the oil industry had a terrible, horrible, no good, very bad year. Oil powers the vast majority of the global transportation system, and the pandemic froze most of the world s population in place.
But set aside the pandemic. Ignore the collapse in demand. Forget about the time oil prices went negative. Look at everything else that happened this year, and
Well. Oil
still had a pretty terrible year.
Between hurricanes, geopolitical rivalries, irate investors and climate pressures, oil producers faced a host of challenges that weren t created by the coronavirus and can t be cured with a vaccine.