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Coronavirus and OIL in the USA: COLLAPSE in TEXAS? - VisualPolitik EN
Posted
May 14, 2020
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The fall in demand caused by confinement measures and the closure of companies declared to combat the spread of coronavirus, together with the lack of agreement among the producing countries has caused a storm in the energy market. The price of oil, for example, has fallen by more than 60% since the beginning of the year.
Clearly, this is something that could have a huge impact on many economies and could even put Donald Trump's own campaign for re-election on the ropes. Why? Because a collapse in oil markets can do a lot of damage in one of America's most prosperous states, such as Texas, where 40% of all oil produced by the United States comes from. Indeed, if Texas were a country, it would be the fourth-largest oil producer in the world, behind only Saudi Arabia, Russia, and the rest of the U.S.
For years Texas has been one of the big engines in the U.S. economy, yet now the lone star state faces a huge economic storm. On one hand, the coronavirus crisis and on the other, the collapse of the oil market with the added aggravation of the role played by so-called junk bonds. In this video, we give you all the details of what is happening.
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