There is an interesting phrase on the Internet: “The Stone Age ended not because we ran out of stones, but because technology changed. This phrase is often used in the context of the end of the oil era. Today, players in the oil market are not able to stop the fall in prices. It is becoming increasingly clear that the rapidly evolving global crisis against the backdrop of COVID-19 is forcing the global economic community to seek new models of development that are no longer linked to the old world order.
The economy of consumption is over and is being replaced by the economy of rational economics. New Wave experts say that 80% of today’s goods and services are unnecessary. Moreover, if the world community tries to return to the old rails, i.e. into the pre-quarantine economy, the effects on the environment could be irreversible. That is, the blows from nature can be much heavier than COVID-19.
In the new post-quarantine economy, many industries, such as tourism, major events, sporting events with many fans in stadiums, and many others, will all lose importance. From here we see that the need for energy will be minimized as air, sea and road transport will undergo profound structural changes.
It is hoped that there will be a complete paradigm shift, with new social relations determining the need for this or that branch of the economy, rather than capital and agents of influence. Therefore, all attempts by the leading oil players to stop the decline in prices can be compared to an attempt to jump into the last carriage of the rapidly slipping oil age.
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