Illustration: Eniola Odetunde/Axios

Facebook CEO Mark Zuckerberg said Thursday that the company is planning to shift the majority of its workforce to be able to work remotely in the next 5 to 10 years.

The state of play: It's the latest sign that remote work could become a permanent fixture of the post-pandemic landscape for substantial numbers of people whose jobs enable that luxury. That, in turn, is among the things that may act as a drag on long-term oil demand if many large employers go the same route.

  • Twitter and Square, both run by Jack Dorsey, announced last week that people could work from home indefinitely if they wanted to.

But, but, but: Gaming out whether the coronavirus pandemic, which has sharply reduced oil consumption, is a blip or inflection point is really hard.

  • Demand is already coming back significantly since last month when it was down by roughly 30%.

What they're saying, via S&P Global Platts: BP chief economist Spencer Dale points out that while people are traveling less, the crisis could boost consumption in other ways.

  • From their piece on his interview with IHS Markit: "Dale said it...remains unclear whether social behavior changes post-pandemic might mitigate any slide in oil intensity from less travel."
  • "More home deliveries of food and goods in addition to greater private car use to avoid public transport could push demand in the other direction," he said.

The big picture: Overall, Dale sees the pace and degree of economic recovery having a vastly larger effect on future oil demand than new travel patterns.

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.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Ex-FDA chief: Pence campaigning after COVID exposure puts others at risk — Mark Meadows: "We are not going to control the pandemic"— COVID-19 looms over White House Halloween celebrations.
  2. Health: 13 states set single-day coronavirus case records last week — Fauci says maybe we should mandate masks if people don't wear themU.S. reports over 80,000 new cases for second consecutive day.
  3. World: Italy tightens restrictions Spain declares new state of emergency.

Amy Coney Barrett's immediate impact

Illustration: Eniola Odetunde/Axios

In her first week on the job, Amy Coney Barrett may be deciding which votes to count in the presidential election. By her third week, she’ll be deciding the fate of the Affordable Care Act.

Where it stands: The Senate votes on Barrett’s nomination tomorrow. If she’s confirmed, Chief Justice John Roberts is expected to swear her in at the Supreme Court within hours, an administration official tells Axios.