News Insights: Oil Prices Won’t Be Negative Forever. But the Oil Industry Will Never Be the Same

Oil Prices Won’t Be Negative Forever. But the Oil Industry Will Never Be the Same

The pandemic has shaken up the industry, leaving firms with more than the world could manage to burn and bankrupting some small companies.

Oil Prices Won’t Be Negative Forever. But the Oil Industry Will Never Be the Same

News Insights:

Eddie Habibi, founder and CEO of PAS Global, said, “To state the obvious, these are unprecedented times: for our collective health and for the economy. They are equally unprecedented times for the critical infrastructure companies that support our society – everything from gas to fuel vehicles, plastics that make up much of what we use in daily life, chemicals used as part of personal protective equipment by our courageous healthcare workers, paper products that are in short supply and power generation – just to name a few. The volatility in the price of oil is yet another factor many industrial organizations are currently dealing with at this unique time in history.

The good news, however, is that many critical infrastructure organizations have activated their natural disaster response plans. For example, they are drawing on experience from managing through hurricanes to coordinate shift changes and crew exchanges with social distancing and isolation procedures to avoid spreading the disease among key plant personnel who must continue to do their work onsite. They are also accelerating their ability to manage operations remotely, giving them visibility into plant performance, alarms, safety systems and more so they can coordinate activities across teams.

PAS Global provides software that hundreds of these organizations are using today to ensure integrity in their operational technology so that production can continue safely and reliably. Personnel are now remotely managing offshore rigs from their home offices and managing scaled up production in paper mills from their guest rooms more than ever before. Technology has been not just an enabler but a real lifesaver for these businesses, their employees, the communities they support and the society we are all a part of. Our mission at PAS Global, since the first day of the company in 1993, has been to help industrial companies run safely and reliably 100% of the time. For me, as the company CEO, that mission is more critical now than ever before.”