Alan Krupnick was quoted in Rollcall on the future of oil industry. Listed below is a partial quote:
“Alan Krupnick, senior fellow at Resources for the Future, a nonpartisan research organization, said demand for gasoline is down 20 percent compared to averages of the last five years. ‘That’s a big drop,’ Krupnick said. ‘And it’s particularly a big drop because the lower oil prices cause a rebound effect.’
Driving typically peaks in the summer. Krupnick said if the economic lockdown persists, demand for gas could fall 23 percent in the summer, extending savings for drivers. ‘This is a huge benefit for consumers to have these low gasoline prices,’ he said in an interview. ‘That's a tremendous benefit to anyone who's driving, though they’re not driving as much as they did.’ …
As the world warms, greenhouse gas emissions avoided due to the pandemic are negligible. The National Oceanic and Atmospheric Administration said Earth experienced its second-hottest March on record, only behind March of 2016, which remains the hottest year to date.
‘From a climate perspective, this is a drop in the bucket,’ Krupnick said.”
Read the full article here.