Given the recent dramatic falls of the oil price what impact is this likely to have on the world and the adoption of Blockchain technology in the energy sector

VideoBytes a 2 min video https://photos.app.goo.gl/EcomwyPqGUzKjs9v5

The U.S. was the world’s largest oil producer in 2019, beating Saudi Arabia due to explosion of shale fracking.

Lower oil price threatens the viability of shale fracking only 5 shale gas producers profitable at $31 a barrel.

Lower oil does not reduce inflation for all economies as those that are service dominated such as US and UK as it has a price correlation of 0.27

Iran, Nigeria, Algeria need a high oil price Russia Mexico ok with lower price BUT all are hurting at oil under $30 a barrel. If oil prices remain low will it lead to civil unrest as government spending has to be reduced?

Accenture cites various ways Energy companies are using Blockchain technology

Therefore, Blockchain technology is being used to cut costs, improve efficiency, offer transparency creating one record of data, that is fully auditable.

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