Largest Energy Conference in the U.S. Cancelled First Time in 40 years due to Coronavirus Scare

Photo: CERA week

The energy industry is a global enterprise spread throughout the world.  Each year, representatives gather together in the United States to celebrate a conference aimed at the problems and challenges facing the energy industry.  The meeting is at the CERA conference.  Representatives from across the globe travel far and near to attend the world-class event.  An event where ideas can transform industries due to the scale and size of the actors involved in various discussions.  Needless to say, big business merges with Wall Street and global actors to decide where to place funding for the future of the energy landscape.  It's a big deal.



That is why the reporting by Politico Energy last week was so surprising.  Other news agencies ran with the story too.  Mainly, that the CERA 2020 conference would be canceled due to concerns with the rapidly spreading coronavirus across the globe.  Alright, the virus might not be spreading as quickly as the news stories surrounding the illness, but nonetheless, reporting is showing a devastating impact on the world economy.  Reporting earlier last week from Politico Energy brought surprising news of the most significant annual energy conference cancellation in 40 years:

HOUSTON ENERGY CONFERENCE CANCELED: CERAWeek organizers canceled the upcoming conference in Houston for the first time ever, citing concerns over the coronavirus outbreak, Pro's Ben Lefebvre reports. The spread of COVID-19 caused IHS Markit to cancel the conference — one of the biggest energy conferences in the world — for the first time in the event's nearly 40-year history, according to IHS spokesperson Jeff Marn. The gathering has regularly featured heads of the world's major oil and gas companies, international energy ministers and others and was set to begin March 9.

"Our number one concern is the health and safety of delegates and speakers, our partners, our colleagues and vendors," IHS Markit said in a statement Sunday. "We have spent the last several weeks focused on this question, established a medical partnership with Houston Methodist Hospital, have been in continuing dialogue with experts on infectious disease and established an extensive protocol. But the spread of COVID-19 is moving quickly around the world."

The coronavirus has without a doubt produced a large dent in the world economy.  As I wrote previously in blog posts (see below), the world economy took a stock market hit of nearly $6 Trillion dollars in a week.  $4 Trillion dollars to the U.S. markets alone.  That is staggering to say the least.



Worry about the spread of the potentially deadly virus is bringing business to a halt.  Which is worrisome.  On top of all of the negative news, our leadership (i.e., President Trump) has produced a scare among American citizens with his lack of knowledge -- not to mention -- a lack of preparedness.  Unfortunately, the markets do not take well to such advice.  Hopefully, the world economy can recover in due time to keep business running as usual.  Time will tell.



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