The former energy secretary said the oil industry could collapse because of the dramatic decrease in demand worldwide.
Former Energy Secretary Rick Perry believes that the oil industry could collapse because of the dramatic decrease in demand worldwide caused by the coronavirus outbreak and a steep decline in prices.
Many U.S. states and countries around the world have ordered their citizens to stay home in order to contain the spread of the virus. And airlines haveas the number of passengers has fallen off. Fewer cars on the road and planes in the sky means far less demand for oil. "There's this host of Americans who their entire future – taking care of their family paying their mortgages – is tied directly to the energy industry," Perry said."It's a driver of a massive amount of our American economy."
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