Oil prices went negative last month for the first time in the history of the WTI benchmark. This decline was fueled by numerous factors, such as the global expansion of oil production to push out higher cost competitors, an unprecedented decrease in global demand due to the COVID-19 pandemic, limited storage capacity, production reduction complications, and the fundamentals of the WTI futures market.
Now, regional and global oil market prices are near historic all-time lows with natural gas regional markets not far behind. The nation, individual states, and regional organizations are concerned with the fate of companies, the jobs the industry supports, and vital tax revenues.
Please feel free to join REMI Senior Economist Peter Evangelakis, Ph.D. and Managing Economic Associate Chris Judson on Thursday, May 14th from 2:00 to 3:00 p.m. (ET) for their webinar presentation, “The Economic & Fiscal Impacts of the Oil & Gas Glut.”
Dr. Evangelakis and Mr. Judson will explore several scenarios associated with low oil and natural gas prices, including shorter- and longer-term industry responses and the fiscal impacts to states and the nation. This presentation provides demonstrations of how to model shifts in the oil and gas industry production function, potential options to fill gaps in a state budget, and downstream industry and occupational training opportunities.
During their webinar, Dr. Evangelakis and Mr. Judson look forward to examining scenarios pertaining to the changing oil and gas industry, other industry implications, government responses, and potential opportunities.