Crude awakening: the Arab world after oil
Economist Podcasts
The Economist
4.3 • 5K Ratings
🗓️ 14 July 2020
⏱️ 20 minutes
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| 0:00.0 | Hello and welcome to the Intelligence on Economist Radio. |
| 0:07.6 | I'm your host, Jason Palmer. |
| 0:09.7 | Every weekday, we provide a fresh perspective on the events shaping your world. |
| 0:17.3 | In America, midwives don't normally tend to be very busy. |
| 0:21.6 | In the COVID era, they're booked solid as expectant mothers try to avoid hospital trips. |
| 0:26.6 | The trend ought to outlast the pandemic. |
| 0:29.6 | Statistics show midwifery has serious public health benefits. |
| 0:33.6 | And you've probably heard of Parkinson's law that work expands to fill the time available. |
| 0:40.3 | Given that so many workers are clocking in at home, our columnist has updated the law to include two versions, |
| 0:47.3 | one for the workaholics and one for the work shy. |
| 0:57.0 | But first, When the pandemic struck, a world that had run on oil for more than a century was thrown into disarray. |
| 1:06.0 | As industries shut down and commuters stayed home, oil supplies started spilling over. |
| 1:12.6 | By April, many producers had nowhere to store the stuff and actually paid buyers to take it. |
| 1:18.6 | Some oil was, for the first time on record, less than worthless. |
| 1:23.6 | Yesterday, the price of West Texas intermediate crude fell below zero for the first time in history. |
| 1:30.3 | Simply, people can't store the stuff anymore. |
| 1:32.3 | This is unprecedented. |
| 1:33.3 | I've seen a lot in my 40-year career, but nothing like this. |
| 1:37.3 | Prices have been ticking back up, and when the club of oil exporting countries known as OPEC |
| 1:42.3 | Plus meets this week, they're likely to nudge production |
| 1:45.4 | back up again. But that's not to say that all the oil turmoil is coming to an end. |
| 1:52.9 | Early on the pandemic, basically, as people stop traveling and going to work, demand for oil |
... |
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