Your average marijuana plant is a rather unimposing, forest green weed that blends well with nature. The dirty truth, however, is that the business of growing cannabis is anything but green. In fact, the growing of pot is so power-intensive that its ecological footprint is quickly becoming an environmental nightmare.
The $344 billion cannabis industry is one of the country's most energy-intensive in the world, frequently demanding an array of heating, ventilation and air-conditioning (HVAC) systems, fans and 24-hour indoor lighting rigs at multiple growing sites.
Some analysts see the world dodging a recession next year, which provides some upward room for oil prices.
Last week, the IEA warned last week that "the hefty supply cushion" building up in the first half of 2020 will cause OPEC+ problems as the group tries to balance the oil market. Part of the reason for another potential surplus is the steep drop in demand growth this year, forcing oil forecasters to make multiple downward revisions to their projections.
"With consumption growth of just 830 thousand b/d YoY in 2019, global oil demand has easily expanded at the lowest rate since the global financial crisis 10 years ago," Bank of America Merrill Lynch said in a note.