Spending on oil is expected to drop a whopping $1 trillion this year as consumers cut back on traveling
In the past couple of weeks, several news articles, pictures and videos have depicted many countries around the world enjoying clear blue skies and wild animals roaming the streets in urban centres.
Of the fossil fuels, oil has taken the biggest hit as a result of quarantines forcing cars off the roads and air travel being largely grounded. The crash in oil prices to the present level of around $35 per barrel on the back of weak demand, is particularly challenging for Saudi Arabia, the world’s largest exporter.
Lower oil prices are a good sign for American consumers as it makes it cheaper for people to take to the roads in their cars. In 2018, there were over 273 million vehiclesin the US with over 17 million new light vehicle registrations that year. According to 2016 numbers, around 6.3 million new cars were sold per year.
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