The Impact of Decreasing Oil Demand on the environmentby Meghana Fessy | 01-05-2020 22:53 |
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 Right now, the whole world has taken a pause. And in a world without movement, fuel becomes obsolete. However, despite a dramatic plunge in oil demand, companies are still pumping out oil. The result — oil prices went negative for the first time in history and some of the biggest oil companies are in trouble While oil demand dropped, renewable energy is actually experiencing an upswing. This year, renewable energy sources made up 21% of electricity in the U.S. for the first time in history. The New York Times reported that although some projects have been delayed due to the pandemic, wind and solar will continue to grow. This will happen even as oil, gas, and coal struggle to financially recover. Dramatic decline in oil demand lead to clearer, less polluted skiesAcross the world, pollution has significantly decreased, leading many to believe COVID-19 was an opportunity for the Earth to ¡°heal¡±. Photos of pristine canals, smog-free skies, and reappearing wildlife have flooded social media as a result. Here are just some examples: The Himalayas are finally visible after decades of pollution have left them hidden. In New Delhi, India—one of the most polluted cities in the world—saw a 60% reduction in fine particulate matter. Even in the usually smog-covered city of Los Angeles, residents experienced some of the cleanest air in any major city across the globe last week. Abandoned oil wells could cause toxic gas leaksAs continual production accentuates the concern of there being too much oil to store in existing wells, we could soon see a mass abandonment of oil wells. Left unattended, these wells could lead to greenhouse gases like methane leaking out. On one hand, some believe it could be a major turnaround point in the fight against climate change and the beginning of the end for big oil. (For instance, a huge shift to renewables, oil prices stay low, and so on.) Others aren¡¯t so bullish about the demise of big oil. After all, the fossil fuel industry may climb back just as it has in any other crisis. And in terms of the environment, some scientists believe this peak in air quality improvements will be short lived unless we continue taking serious preventive measures after the crisis. |
