Even after the weather starts improving, this crisis' effects are likely to linger and be felt far beyond the Lone Star State.
Ramping up production when demand is still weak could have major consequences on a relatively stable oil market.
Demand for oil has come back a bit, but it's still lower than it was before the pandemic.
OPEC countries, plus Russia, met Monday amid fears that the next wave of the pandemic will pummel demand.
U.S. stock futures and Asian shares fell Friday after the president said he and first lady Melania Trump had tested positive.
Oil prices are still far below the break-even point for many producers in the Middle East.
Oil has risen to roughly $40 a barrel after plummeting in April. With prices holding steady, big oil companies are likely to pounce on smaller ones.
Oil's recovery will depend on how the pandemic plays out, and whether there will be a second wave of illness.
Low crude oil prices have already achieved what regulators were seeking: to cut state production.
Midland, Texas, is ground zero for oil and gas production in the U.S., and much of the local economy, in some way or another, is tied to the industry. When West Texas Intermediate went negative for the first time ever on Monday, everybody in Midland felt it — on top of the coronavirus. This morning […]