What was once thought of as only a theory became reality last week. An already reeling energy industry was shocked by negative oil prices as demand for oil products plummeted as a result of the COVID-19 pandemic and an ongoing price war evolved.
In this episode of AlbertaBETTER, energy expert Peter Tertazkian dives into how COVID-19 has dramatically decreased demand for oil products, leaving storage tanks filled to the brim and the industry grappling with negative prices. Peter also shares how his outlook for the industry has changed over the past few weeks and how the path to a low-carbon energy transition might shift. We also take a brief look at Peter’s recently launched project EnergyPhile, which explores the stories, knowledge and conversations that have shaped how we view energy today.
In This Episode:
- What does the current environment look like, both in Alberta and Canada and around the world? What factors led to a negative price environment for the energy sector and what a zero or negative price means
- How the current situation will impact the long-term outlook on energy industry, particularly in production, demand and public policy
- Impact of current price environment on the long-term transition to a low carbon energy mix and net-zero commitments
- Peter’s EnergyPhile project and how the lessons and stories of the past can guide us into a strong, viable energy future
Key Takeaways:
- We will always need energy to fuel our lives. Other forms of energy have gone challenges and have left lessons for us today. Today’s challenge is very big. The industry itself might change. The path to a low-carbon future might be different. But the demand for good, reliable and clean energy will be there.
Useful information
- ARC Energy Research Institute
- ARC Energy Ideas podcast
- EnergyPhile
- Financial Post: What will our post-pandemic energy future look like? It could very well be a brave new world
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