Why – and How – Did Oil Prices Drop Below $1? [VIDEO]
Gifford Briggs, President of the Louisiana Oil and Gas Association, talks with 101.7 / 710 KEEL's Robert J Wright and Erin McCarty about the current condition of the state's oil industry and the troubles going forward as the per barrel price dips below a dollar.
Briggs tels KEEL listeners that the dramatic drop is primarily a result of a lack of demand caused by Coronavirus quarantines not only in the United States, but around the globe.
Briggs also explained that the effect of the worldwide oil glut on the Louisiana oil industry. In an interview with thenewsstar.com, Briggs expressed his concern, saying, "We're watching an entire industry being eliminated before our eyes."
Briggs emphasized that unless the state's economy is allowed to reopen soon, massive layoffs of the state's 34,000 oil workers could be coming soon.