Of course this isn’t the first or last time the energy sector has seen bad times. This is very different however. Never has the energy sector tried to recover in an environment of 30% unemployment. Never in the history of this country have we seen 40 million people seeking work. This virus avoidance will have a final price tag of 10-15 trillion. Good luck with a V recovery in that environment.
30% unemployment is only due to the quarantine/social separation. There was no underlying financial cause. It’s an imposed unemployment not a cyclical one.
This isn’t a banking collapse like what caused the Great Depression. It’s going to be a quick recovery once businesses are allowed to resume. People will get rehired.