How the Energy Industry Will Shape Up After Covid19 Pandemic?
It’s been 6 months (at best) since the world has been fighting against the Covid19 pandemic, and while this thing seems far to be over, people are already placing their bets for how the post COVID world will look. Speaking of which, this pandemic has created rifts in both the personal and professional sector and we are going to cover how the energy shape up once the dust settles.
The Coronavirus Pandemic did the impossible. This pandemic has shaken the oil industry from its very roots. The oil industry was considered unbreakable as it was one of the most lucrative businesses but like the 2008 recession, it busted people’s bubble that nothing is safe. Back then, the mortgage markets were brought down to its knees.
Well, the oil market is not being brought down to its knees but it certainly is feeling the effects. The lockdown and quarantine have caused a sharp drop in the demand for oil and its products. While this seems grim for everyone invested in the oil world, we have our reasons to believe this change will pave the way for renewable energy. No need to say this but you will need to compare the energy market at more than once instance. It’s the only way to keep up with the ever-changing marketplace.
A New Wave of Light
Sustainable energy that is generated from Wind and Sunlight always had massive potential. But to be honest, this was held back in favor of the fossil fuel generator setups as they helped people make more money.
With the sharp drop in price, the energy sector is also facing some issues of its own, and we believe these crises will shape up the future of the energy sector. Back in Jimmy Carter’s Presidency, the White House had Solar Panels installed on its roof in hopes it will push the concept of renewable energy down to the normal person.
But this idea was quickly thwarted when Jimmy’s successor had removed these panels and instead focuses on policies that would favor petroleum products. It’s been decades since that happen and the world is changing, and we fear the fossil fuel industry will be left behind in favor of far advance and economical alternatives.
The concept of electric cars was around for quite a while but in recent years, Tesla made a dent in the automotive industry thanks to its innovation.
What The Future Holds for Us?
To be honest, it’s too early to predict anything and the best thing we can do now is holding back and see how things will play out. The pandemic has had adverse effects on almost every aspect of our lives, first of all, it gave us the notion that we should invest more in our health system, and we do a better job of looking after us. Second, it should us that we can survive easily if we just entertain our basic needs. We are sure this will impact how we carry out business transactions in the future.