Is 2020 really the worst year for the American oil sector? Because if one looks at it from another side, this could also have been a great year as the immense pain has cleaned out a lot of dud businesses and business models. Let’s be frank here, there was a lot of fluff in shale and some of it had to go. Sure, some good went with it as well but thats never a neat process. Besides, COVID just showed people what life could look like under a reinforced Climate regime and they don’t like it. One always needs to experience strong pain before one sees the light. Maybe 2020 was the beginning of the end of oil’s problems.
Last year was arguably the most devastating year in history for the North American oil and gas industry.