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Illustration: Eniola Odetunde/Axios

Add BP CEO Bernard Looney to the list of people who think oil demand may never fully recover after the coronavirus pandemic, even though it's already coming back from the depths of the collapse.

Driving the news: “I don’t think we know how this is going to play out. I certainly don't know,” he told the Financial Times (subscription).

  • “Could it be peak oil? Possibly. Possibly. I would not write that off," he said in the interview, where he notes the proliferation of remote-working technology.

Why it matters: The remarks show how COVID-19 has upended oil markets in a way that's likely to last for a long time.

  • Looney's comments are similar to recent remarks by Royal Dutch Shell CEO Ben van Beurden.

The big picture: An Oxford Institute for Energy Studies analysis sees demand reaching "pre-shock" levels in the fourth quarter of 2021.

  • But they also cite modeling challenges and known unknowns, such as whether there's another wave of lockdowns — a prospect other analysts are weighing too.
  • "It may be hard to comprehend now. But barring a second wave of the pandemic, nearly all pre-COVID demand could return by the second half of 2021," IHS Markit's Roger Diwan said in an email.

Go deeper: Coronavirus leaves experts pondering if the planet already hit peak oil demand

Go deeper

Ben Geman, author of Generate
Aug 5, 2020 - Energy & Environment

Shale's struggles will persist despite a rise in oil prices

Illustration: Sarah Grillo/Axios

WTI, the benchmark U.S. oil future, traded Wednesday morning at its highest since early March — highlighting how the worst of shale's crisis is seemingly over, though more bankruptcies likely lie ahead.

Why it matters: Its price at the time — $43 — is still too low for many producers to do well, though it varies from company to company.

4 mins ago - Technology

Jack Dorsey to step down as Twitter CEO

Photo: Joe Raedle/Getty Images

Jack Dorsey will step down as CEO of Twitter, the company announced Monday. He will be succeeded by CTO Parag Agrawal.

The big picture: Dorsey is also the CEO of financial payments company Square, which he co-founded in 2009, and has become a crypto evangelist in recent years.

Tracking the pandemic's unequal impact

Expand chart
Data: Morning Consult/Axios; Chart: Will Chase/Axios

The pandemic was bound to hit the most economically vulnerable among us the hardest. New polling data from Morning Consult, out this morning, shows the degree to which those difficulties were more concentrated among people of color.

Catch up quick: The Morning Consult/Axios Inequality Index has tracked the economic experience of adults in three wage groups since May 2020. We began publishing the findings in May of this year, and six months in, we’re slicing the data a little differently — and looking at inequality between ethnicities.