A ‘Permanent Reset’ in Oil?

Destruction. Dislocation. Collapse. A permanent reset. Read any news about oil markets, and these are the vivid descriptions you’ll encounter. We are now deep into an historic pause for oil demand across the globe -- shutting down oil fields, causing negative pricing, overwhelming our storage abilities, and forcing up to a million job losses this year. "We are looking at a major demand destruction that we don't even know will come back," said Shell’s CEO Ben van Beurden on a recent investor call. So if demand doesn’t come back, what happens? What are the direct consequences to the oil industry? And what are the opportunities for a “new energy order,” as the World Economic Forum is now calling it? This week, Stephen and Shayle talk with Ed Crooks, vice chair for the Americas at GTM’s parent company Wood Mackenzie. Ed is a former editor at the Financial Times. He’s one of the go-to people watching oil market dynamics and how they intersect with the clean energy transition. We had so many listeners write in during our live show about what’s unfolding in oil markets. So we’re going to try to tackle them. The Interchange is brought to you by Prisma Energy Solutions. Prisma Energy Solutions provides a unique financing model for battery energy storage systems that can help you reduce energy demand, participate in both energy and ancillary service markets, improve renewables integration, increase system reliability, and reduce your carbon footprint.