Houston’s oil and gas industry faces years of lower demand and slower growth in the aftermath of the coronavirus pandemic, leading to a smaller industry employing fewer workers.
The International Energy Agency warned Tuesday that global energy demand will not recover to pre-pandemic levels until at least 2023 and possibly 2025, setting the oil and gas industry on its lowest growth rate since the 1930s.
“The COVID-19 crisis has caused more disruption than any other event in recent history, leaving scars that will last for years to come,” the international body said in its annual World Energy Outlook.
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As posted on Houston chronicle – Photo as posted on HoustonChronicle (Pipes and a refinery complex, photographed Wednesday, July 22, 2020, in Houston.Photo: Jon Shapley, Houston Chronicle / Staff photographer)