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Knocked Out by COVID-19, Does US Oil and Gas Have the Juice to Rally Again?
Bracewell’s Austin Lee discussed with Bill Holland, S&P Global senior reporter, the current cycle engulfing the oil and gas market.
The oil and gas industry is no stranger to boom-and-bust cycles. However, the speed and severity of the latest downturn, coupled with the uncertainty of a global pandemic on an industry that is on the verge of an energy transition, has even the most optimistic industry veterans wondering if oil and gas will ever see another boom.
“I don’t think anybody is going to admit to there being a last boom in the oil industry,” said Lee, an oil optimist. “That’s kind of part and parcel of the way things work in the business.”
“What you’re seeing right now in the way of M&A, in the way of restricted access to capital, to layoffs … is that the industry is being forced to react to forces like supply and demand, which had an unprecedented black swan event in the last six months,” added Lee.