SAN ANTONIO — The coronavirus pandemic has sent the price of oil into a downward spiral. With more people staying home, fewer people have a need to drive and fly.
With a decreased demand has also come a steep drop in prices.
Governor Greg Abbott on Tuesday said local leaders were working with White House officials on a solution, but in the meantime, people like Joe Robertucci, who were laid off from their job in the oil industry are still looking for work.
“I’ve been at home now trying to find work for almost two months now, and it sucks," Robertucci said. "It sucks. I'd rather be working than sitting at home.”
Robertucci, who previously worked for Schlumberger, was laid off last month as oil companies braced for the impact of the novel coronavirus.
“It’s just a domino effect for everybody," Robertucci said. "If the company can't do something, it affects everybody else that works for them.”
He said he was seeing some success in his job hunt, but the company entered into a hiring freeze due to the pandemic.
"Hopefully this stuff will pass over and everybody can get back to work like everybody wants to," Robertucci said.
Bradley Lisle is with Triumph Fabrication, a local company that produces pipeline and production equipment. He said unemployment is one of many consequences of the dwindling value of oil.
"From an end-user standpoint, as you've seen here in San Antonio, gasoline is very cheap and it will get cheaper," Lisle said. "One thing it will definitely do is, in states outside of Texas, for sure -- it will highlight how much state governments tax people for gasoline because the input of crude oil to the refinery to make that gasoline is very cheap right now. So the majority the price that people are paying is tax at this point."
Lisle said while he believes it will take years before oil prices stabilize and return to normal, the market will rebound.
“It will look different on the other side," Lisle said. "But the fact is the world and the economy goes around and is fueled by oil. That is our primary energy source and will continue to be our primary energy source. With the absolute oversupply of oil in the world right now, it is putting even more certainty that oil will be our energy source for a long time to come because of this low price."