Small business owners are hurting. A new report from the Fed finds that nearly every small business last fall said it had been impacted by the pandemic, with 90% saying they had not returned to pre-pandemic levels nearly six months into the crisis. 30% said it was unlikely they could survive until sales recovered without government help. The report paints a grim picture of economic recovery for small businesses as government negotiations over additional aid continue.
The Energy Information Administration expects total U.S. energy consumption to return to 2019 levels by 2029, but also said that forecast “is highly dependent on the pace of the U.S. economic recovery.” The EIA says if the U.S. sees low economic growth, energy consumption may not return to 2019 levels until 2050. At about $55 a barrel, crude oil is currently at its highest level since last January.