Shale industry compressing with oil demand down thanks to pandemic.
According to a new Deloitte study, The Great Compression: Implications of COVID-19 for the US shale industry, “starting in March 2020 with the onset of the COVID-19 pandemic, global oil supply and demand have diverged to an extent the world has never seen before.” The report says “the reality is that the shale boom peaked without making money for the industry in aggregate. In fact, the US shale industry registered net negative free cash flows of $300 billion, impaired more than $450 billion of invested capital, and saw more than 190 bankruptcies since 2010.” The report further says that “lock downs of several nations caused price per barrel to fall” and “intense volatility highlights the fragile state of the industry.”
Flushing to prevent stagnating water lines
With schools, office buildings and other facilities closed for extended periods of time, Water World Magazine reports that “water stagnating in water lines can lead to a loss of chlorine and a buildup of sediment resulting in bacterial growth and aging of water that can also affect the taste, smell and color of the water. As temperatures rise and we head into the summer, so does the opportunity for biofilm growth in water lines. These common conditions can lead to waterborne illness and should be addressed before the schools reopen.”
40,000 cruise ship workers still trapped at sea
According to the Miami Herald/AP more than 40,000 cruise ship workers are still stuck at sea without paychecks because many ports are not allowing the ships to dock. Some workers are reported to have Covid-19.
Antarctic field research canceled because of coronavirus
Although Covid-19 has not reached Antarctica, Science Magazine reports U.S. and British field research is being halted to prevent staff at six research stations on the continent from becoming infected. This includes research on the Thwaites Glacier, the Antarctic ice sheet most at risk of near-term melting.
Illegal drugs more expensive and difficult to obtain
Because of coronavirus-related border controls, lockdowns, and flight shortages, illegal drugs are more expensive and difficult to obtain around the world, according to a United Nations Office on Drugs and Crime report referenced by the Voice of San Diego.
Coronavirus disrupts addiction treatment
Illegal drugs might not be as available, but CalMatters says “several local health departments in California as well as emergency rooms participating in a statewide treatment effort are seeing signs that fewer people addicted to drugs are receiving treatment since the pandemic reached California.”48% fewer people received medication to treat withdrawal and 24% fewer people showed up for follow-up appointments, comparing April to January. “Experts worry that more people will fall through the cracks as the pandemic continues.”
Giving to non-profits plunges 6% in the first quarter
“Individual giving declined 6 percent in the first quarter of this year compared with last year, a trend that would lead to $25 billion in lost revenue for nonprofits if it continues throughout 2020,” according to the Chronicle of Philanthropy.
Clean energy job losses continued in May
The clean energy job sector, which had already lost nearly 600,000 jobs through April, saw 27,000 more workers file for unemployment in May. Now 620,590 workers in clean energy, representing 18.5% of the industry’s workforce, are unemployed according to the latest analysis of unemployment data by BW Research for E2, E4TheFuture, and the American Council on Renewable Energy (ACORE).
Mexican migrant workers kept home because of Covid-19 on Canadian farms
Bloomberg News reports that Mexico has placed a “temporary pause” on migrant workers traveling to Canada while protocols and sanitary situations are reviewed, “threatening a labor squeeze in the northern nation’s fruit and vegetable industry as harvests start to ramp up.”
Zombie companies knocking on the economy’s door
The Washington Post reports that “’Zombie companies’ — abandoned by investors and able to stay alive only by tapping banks or bond investors — are becoming even more of a problem during the pandemic." Nearly one in every five publicly traded U.S. companies is a zombie. According to the article, efforts by the Federal Reserve to stimulate the economy could inadvertently be allowing these companies to stay in a twilight state, draining the life from other, healthier parts.
More zombies in the philanthropic sector
Donor-advised charities, what the Post calls “a controversial and booming form of philanthropy attracting increasing scrutiny and criticism amid the coronavirus pandemic,” is not reaching those in need. “Known in the industry as DAFs (rhymes with calves) — and criticized by some insiders as “zombie philanthropy” — the money and assets in donor-advised funds are intended to go to charity someday, but there are no payout requirements, and money can sit in a donor-advised fund for decades.”
Zoo animals miss us!
From the Washington Post June 2, 2020, Coronavirus Update Newsletter: “How are zoo animals surviving this pandemic? The solitude is a respite for some at the Cape May Zoo, but others are now exceptionally lonely. Gil, a gray cockatoo, became so distressed that he began self-harming, plucking his own chest feathers. The primates, otters and even tortoises appreciate the company of visitors. If you've been wondering which animals are enjoying the break from human eyes, here's the answer.