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You are here News Energy 'We are the verge of a massive collapse': Ex-Energy Secretary Perry says COVID-19 will ravage oil industry

'We are the verge of a massive collapse': Ex-Energy Secretary Perry says COVID-19 will ravage oil industry

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Rick PerryFormer Energy Secretary Rick Perry believes that the oil industry could collapse because of the dramatic decrease in demand worldwide caused by the coronavirus outbreak and a steep decline in prices.

"Our capacity is full. The Saudis are flooding this market with cheap oil," Perry told Fox News Tucker Carlson on Tuesday night. "I'm telling you, we are on the verge of a massive collapse of an industry that we worked awfully hard, over the course of the last three or four years, to build up to the number one oil and gas producing country in the world, giving Americans some affordable energy resources."

Many U.S. states and countries around the world have ordered their citizens to stay home in order to contain the spread of the virus. And airlines have dramatically cut back on flights as the number of passengers has fallen off. Fewer cars on the road and planes in the sky means far less demand for oil.

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