The coronavirus economic crisis triggered a collapse in the demand for oil. Eventually, the economy will recover-but what about oil demand? Although the scale of the events is unprecedented, it does not mean we have no precedent to help us think about the future of oil demand.
There are decades of history to learn from. London Economics International ("LEI") studied global oil supply and demand shocks since the energy crisis of the 1970s. LEI looked at 40-plus years of data to learn how demand responds after a crisis and focused on the changing oil-intensity of economic activity.
In this webinar, Marie Fagan will discuss how short-term crises have impacted long-term demand; she will present research by LEI on the impact of economic activity on oil demand, and how that has changed over time; and she will look at what the historical lessons and economic impacts mean for oil demand after the crisis.
Robert L. Kleinberg is Senior Research Scholar at the Columbia University Center on Global Energy Policy and Senior Fellow at the Boston University Institute for Sustainable Energy. His current interests include energy technology and economics, and environmental and regulatory issues associated with the oil and gas industry. From 1980 to 2018 he was employed by Schlumberger, attaining the rank of Schlumberger Fellow, one of about a dozen to have held this rank in a workforce of 100,000. Dr. Kleinberg has authored more than 100 academic and professional papers, holds 41 U.S. patents, has invented several geophysical instruments that have been commercialized on a worldwide basis, and is a member of the National Academy of Engineering. He is a member of the USAEE Council and serves on its Business Committee.
Dr. Marie Fagan is the Chief Economist at London Economics International, LLC. Based in Boston, Dr. Fagan has conducted research and consulted in energy economics for over 30 years. Her work has spanned international upstream (exploration, development, and production) midstream (transportation) and downstream (refining) oil and gas, global coal, North American gas markets, and North American power markets including regulated and de-regulated systems. Dr. Fagan has worked on a broad range of issues, including pipeline economics, rail transport analysis, and oil supply and demand. She has deep expertise in oil and gas production economics, and natural gas and electric power distribution. She has advised C-suite industry clients, buy-side and sell-side financial clients, regulators, and public interest groups. She serves as an expert witness in litigation and regulatory matters related to oil, gas, and electric power.
From 1996-2014, Dr. Fagan was with Cambridge Energy Research Associates ("CERA," now IHS Markit). Before joining CERA, she served as an economist with the United States Energy Information Administration ("EIA"). Dr. Fagan is the author of original research with publications in academic and industry journals. She holds a PhD in Economics from the American University in Washington, DC.