TEXAS, USA — When the COVID-19 pandemic hit, oil and gas prices took a steep dive. So what will it take for the industry to recover?
This is one of the big topics of the State of Oil and Gas in the Permian Basin event, which took place at the Midland Chamber of Commerce.
Lance Robertson, the CEO of Endeavor Energy, spoke at the event and says vaccine distribution will play a key role.
As more people get vaccinated, life will slowly return to normal as people get out and travel, helping increase the demand for oil and gas.
The other thing Robertson says will help the industry is keeping tight limits on production to reduce the supply.
Robertson says recovery won't happen quickly, but if the right steps are taken, we will see it steadily increase.