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Axios Re:Cap

America's Other Economic Crisis: Oil

Axios Re:Cap

Axios

Daily News, News

4.5705 Ratings

🗓️ 6 April 2020

⏱️ 10 minutes

🧾️ Download transcript

Summary

Oil prices have cratered, due to reduced demand and a dispute between Russia and Saudi Arabia, threatening one of America's largest industries. Dan digs in with Axios energy reporters Amy Harder and Ben Gemen. PLUS: ER docs get pay cuts and the launch of Quibi.

Transcript

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0:00.0

Welcome to Texas to Rada, where we take just 10 minutes to get you smarter on the collision of tech, business, and politics.

0:08.2

I'm Danper Mack. On today's show, ER docs get their pay cut and the next big streaming service launches.

0:14.0

But first, America's other economic crisis. Now, if it weren't for the coronavirus pandemic that has basically shut down the country,

0:26.0

a lot of headlines right now would be about oil. And specifically, how the U.S. oil industry,

0:30.5

the one that President Trump regularly touts for its massive production and jobs growth, is in crisis. The short story, too much supply, too little demand, leading to such a severe drop in

0:36.0

oil prices that it has arguably become

0:38.2

unprofitable to dig new wells. But it's also a geopolitical story, as pricing has been put under

0:43.5

added pressure by an ongoing feud between Saudi Arabia and Russia that has yet to be resolved,

0:49.0

despite Trump's tweeted suggestions last week that it was. And plus add to all that, the deepening

0:53.5

coronavirus pandemic, because that has taken gas-gu add to all that, the deepening coronavirus pandemic,

0:54.6

because that has taken gas-guzzling planes out of the sky and cars and trucks off the roads.

1:00.0

In short, America's energy boom, its biggest economic story of the past decade, it's at risk

1:05.2

of fizzling with an untold number of jobs and state tax revenues at risk. If 15 seconds,

1:10.6

we'll go deeper with Axios Energy reporters Amy Harder and Ben Geheman.

1:13.7

But first, this.

1:16.0

Axios chief technology correspondent, Enah Freed, shares breaking news and analysis on the most

1:20.9

consequential companies and players in tech from the Valley to D.C.

1:24.8

Subscribe to get smarter faster at signup.axios.com.

1:28.3

And now, back to the ProRata podcast.

1:31.3

We are joined now by Axios Energy Reporters, Amy Harder and Ben Giman.

1:36.3

Amy, let's start here.

1:37.3

Even before the coronavirus started causing, you know,

...

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