Crude oil prices have been battered by both an unprecedented decrease in global oil demand stemming from the COVID-19 pandemic and the outbreak of a price war between Saudi Arabia and Russia. In two months, the price of crude oil fell from $52 per barrel to $20 per barrel–the cheapest its been since the aftermath of the September 11th attacks. In the coming months, we should expect drilling of oil wells in the United States to come nearly to a halt, with layoffs and bankruptcies following, says Harris Public Policy Professor Ryan Kellogg. Kellogg shared his take in a recent USAEE podcast and in Forbes.

Areas of Focus: Energy Markets
Energy Markets
Well-functioning markets are essential for providing access to reliable, affordable energy. EPIC research is uncovering the policies, prices and information needed to help energy markets work efficiently.