Not only that, but guess what gets less competitive with oil when oil is cheap?
Wind and solar.
They weren’t even competitive quite yet at normal prices. IF (it’s not) this was more than just a temporary price fall, this would be the death of alternative energy that she just cheered.
Former, until about year and a half ago, for reasons like this. I got crushed pretty hard in the ‘16 downturn, eventually went back to subsea in 2017 but took some classes and acquired some training, basically make my skills more current and got back into manufacturing a year and a half ago with a tech company.
It never really came back after the Saudi production war starting in 2016 and there was supply glut going back well into last year, all of the majors have quietly been laying off since at least October.
AOC’s comments wouldn’t play well here of course, but will in her district. There’s no oil and gas and people don’t drive much if at all. And cheering it on or not the domestic oil and gas industry went from limping along to being mugged and put into a coma in like 3 months. There is a point to be made in there about being dependent on fossil fuels we don’t set the price on but that’s not the time to make it or be celebrating a cheap tank of gas.
If you want green energy like AOC, you want high oil…which is why she’s a moron.
Low prices make green energy less viable, and costs oil sector jobs. On the plus side it makes a lot of other things cheaper as well as fuel prices drop.
This why when I’m Supreme Benevolent Dictator I would impose price controls. $65-70/bbl, subject to change based on my feelings. There’s room in there for oil and gas to make solid money and that’s low enough energy and transportation costs stay affordable.
This boom and bust of oil and gas is just not productive or in any anybody’s interests.