Where Will Phillips 66 Be in 10 Years?
There may be more disruption taking place in the oil and gas industry today than at any time in the past 100 years. COVID-19 caused such a disruption in oil markets that oil futures prices went negative for a few days this spring as storage around the U.S. filled to the brim. Petroleum products supplied in the U.S. dropped a whopping 23% in April and might be down for the remainder of 2020 as office workers stay home and reduce their commutes.
The impact on a company like Phillips 66 (NYSE: PSX) could be profound over the next decade. Economic shutdowns and working from home may not last for most workers, but I think oil consumption patterns are changing permanently and even small changes may not be good for the business long-term.
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Source Fool.com
