Trends in the Oil and Gas Industry in 2020 and Beyond
Specifically, Snyder said, the recent conflict in Iran initiated a run-up of the price of gasoline, diesel and crude oil that typically occurs in the spring earlier than normal. With the possibility of retaliatory action from Iran or the initiation of a war, prices spiked temporarily out of fear of disruption.
However, Snyder said that prices have rebounded since and fallen more in line with economists’ general prediction for what 2020 might hold.
Kern and Snyder also addressed the 2019 bump in U.S. oil production and the continued implications of the country become more self-sufficient when it comes to production, as well as the proverbial “sweet spot” of oil prices for producers and consumers, the overall projections for the price of oil in an election year, and more.
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