Boomtown Follow-up: The One-Two Punch

Boomtown Follow-up: The One-Two Punch

Shafter Lake in Andrews County on March 24, 2020.On March 8, one week after the first confirmed U.S. death from the coronavirus and three days before the World Health Organization declared the outbreak a pandemic, Saudi Arabia and Russia went to war over the price of oil. The Russians vowed to pump more of their oil into the market, and the Saudis retaliated by slashing their prices. The global market was already awash with cheap crude, in large part because China, the world’s largest importer of oil, had come to a standstill. Other countries around the world were beginning to issue travel bans and stay-at-home orders, meaning the demand for fuel was rapidly decreasing. When the stock markets opened on Monday, March 9, the price of crude plummeted 30 percent. It was the…View Original Post

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Source: Texas Monthly

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