You're listening to the oil and gas this week podcast with Mark LeCour and Jake Corley.

This is the show for busy oil pros who quickly want to keep their finger on the pulse of the industry.

What is going on, guys?

Welcome back to another episode of the oil and gasests this week. Podcasts you're listening to Episode 198. How's quarantine, Mark? We're good. You know, everybody's healthy. We have food and toilet paper and everything else. But it's, you know, we've got much bigger stuff going on right now than what's going on in quarantine. And, you know, usually Jake and I have some fun doing this. And we're not going to make it all doom and gloom, but there's some serious stuff going on in our world right now. Yeah, it's one of those things that we need to. I spent a lot of time on, you know, putting together our notes this week and really kind of dissecting the information. And there's so much at play. We're talking about global macroeconomics. We're talking about how the coronavirus is affecting

everybody. We're talking about how oil prices, especially low oil prices today, is going to affect

everybody here stateside. And I also wanted us to kind of dive in and recap for those who are just

kind of tuning in for the first time exactly how we got to this point. Before we get there, Jake,

though, let's go ahead and do the reviews. So our first one is a great oil gas podcast by Francine D. I actually know who Francine D is. I talked to her. My husband recommended me to listen to this podcast to keep up to date with OG News. Really love it. We'll be recommended to my colleagues and friends. And then another one, an Apple podcast by plopping iffy. I love plopping if I appreciate

the show. Cool shirt. And then this final one from Kelly Down 321. What's up with the dated

conversations? First Friday release 11 days later. Kelly, we try to get stuff out as quick as possible,

but between Jake and I, normal operations where we're so busy, and now with all this late on top of us, you know, we're struggling to get shows out.

So apologize, that was 11 days late, but that's probably not going to change anytime soon.

So we know it's an issue, but we've got other bigger fish to fry.

So Jake, let's go ahead and get into your opening here because you did do a whole bunch of work on this people. He's probably up, you know, till two in the morning getting all these facts together. So as all of you know, we're in the middle of fighting a global pandemic, probably for the first time really in our life of this scale that's kind of coinciding with the global recession. Travel bans, restrictions are enforcing social distancing. So Mark and I have been cooped up at home, as I'm sure most of you have for at least the past few weeks. Restaurants, bars, gyms, workplaces have shut down, and that's been tough on me, haven't been able to work out, haven't been able to do anything other than just stare at the walls of the house. Most of us are trying to get accustomed to working remotely from home, and that's completely new to most of the oil and gas industry. And last week we talked about Russia and Saudi Arabia had not reached an agreement with the rest of OPEC and how the bottom has fallen out for oil prices. And now with everyone in quarantine and business is closed, a global economy, it's coming to a halt. And so oil demand has dropped more than 10% down from our normal

100 million barrels per day, down to less than 90 million barrels per day. And the accelerated

drop in oil prices even further to new lows that we haven't even seen in decades. Mark, maybe

you've seen it. I haven't seen oil prices quite this low. I saw 25, 26 back in 1415, but this is a complete, this is new. It does 20.

I saw it in the 80s get lower than this, but that was a different combination of factors then.

And that scared the bejibis out of everybody then, right? Now with this like perfect storm of the

coronavirus with the low crude prices with literally countries being

locked down. And here in the U.S., we have several states that the literally, it's the state's,

entire states are locked down. And you combine all that with social media where people can

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