It Wasn't Just the Pandemic: Oil's Terrible, No Good, Very Bad Year
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.
Amy Myers Jaffe, managing director at the Climate Policy Lab at the Fletcher School at Tufts University, says these decisions were not triggered by the pandemic.
"All these things I believe would still have happened," she says. "They just intensified because of the collapse in oil demand, but all of those trends were coming."