WWL First Business News I'm Jennifer Kushinka reporting...
The coronavirus battle and the world oil glut could cost cities, parishes and school boards in Louisiana anywhere from $404 million to $1.1 billion over two fiscal years. Business shutdowns and unemployment resulting from the effort to stop the spread of COVID-19, lower demand for energy as a result of the virus fight and past increases in oil production by other countries that caused lower oil prices are factors in the projections.
The number of oil and gas rigs operating in the U.S. is expected to hit an all-time low this week - reflecting data going back 80 years - as the energy industry slashes output and spending. Last week, the rig count was just four units above the record low of 404 set in May 2016.
Uber says trips are starting to recover in some markets. While trips plunged 80% in April, gross bookings were up last week by 12%. In George and Texas, where shelter-in-place rules have eased, bookings are up between 43% and 50%.