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After a 9 month oil production blockade which cost Libya billions of dollars in lost revenue, oil production restarted Sunday afternoon in Sharara. Before the blockade, Libya was able to contribute around 1.3 million barrels a day to the global supply.
Stacie Kennelly
Many companies are ‘rolling out the red carpet’ this week (Sept 13-19) to celebrate and show appreciation to the truck drivers, for all they do.
March 2020, when life as we know it stopped in the US, the production of crude oil kept on pumping. This continual pumping has led to a crude oil surplus, and in April when the demand for oil waned, the need for storage increased. As storage option are finite and they began to get full, according to David Deckelbaum, an oil analyst with the investment bank Cowen, “oil companies had to start getting creative as they were unable to continue to store or sell the oil. It was said some companies went bankrupt, while others bought oil tankers and pushed them out to sea, completely full. “
The Coronavirus Pandemic has taken a toll on many parts of the economy and fleet sales are feeling the hit. Corporations, rental car companies and even government agencies have not had the same demand for vehicles, and it is threatening jobs.
As the nation continues to navigate COVID-19, states are starting to open back up. Today in Pennsylvania, more counties are moving in to the ‘Green Phase’. The counties in the Green Phase have mitigated the risk for the 14 days required and are allowed to ‘open’ with strongly suggested guidelines from the Governor, Dr. Levine and the CDC.
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