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LOGA: Oil trades below $21 for first time in nearly two decades

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Posted at 9:32 AM, Mar 19, 2020
and last updated 2020-03-19 10:34:56-04

BATON ROUGE, La. - For the first time in nearly two decades, oil is trading below $21 per barrel.

While the country is dealing with the coronavirus pandemic, the oil and gas industry is facing the additional challenge of plummeting energy prices, according to a press release from LOGA, Louisiana Oil and Gas Association.

West Texas Intermediate (WTI) traded as low as $20.80/BBL on Wednesday.

"The oil and gas industry is facing a perfect storm," said Gifford Briggs, President of the Louisiana Oil & Gas Association. "While the COVID-19 pandemic has paralyzed the country and rapidly reduced the demand for energy, Russia and OPEC are ramping up production. This combination of unprecedented events has led many experts to predict that oil prices will remain below $35/BBL for the foreseeable future. These are serious times."

"Our hearts and prayers are with all of the communities and businesses who are struggling to survive in the midst of this public health and economic crisis. The Louisiana Oil & Gas Association is working with local, state and federal leaders to do everything possible to support and protect the families and hardworking men and women in the oil and gas industry."