William Cummings, USA TODAY Published 11:56 a.m. ET April 1, 2020 | Updated 2:11 p.m. ET April 1, 2020CLOSE Another shockwave is about to rip through a world economy already reeling from the coronavirus. Markets react to large drop in crude oil prices Video ElephantFormer Energy Secretary Rick Perry believes that the oil industry could collapse because of the dramatic decrease in demand worldwide caused by the coronavirus outbreak. “Our capacity is full. The Saudis are flooding this market with with cheap oil,” Perry told Fox News Tucker Carlson on Tuesday night. “I’m telling you, we are on the verge of a massive collapse of an industry that we worked awfully hard, over the course of the last three or four years, to build up to the number one oil and gas producing country in the world, giving Americans some affordable energy resources.” Many U.S. states and countries around the world have ordered their citizens to stay home in order to contain the spread of the virus. And airlines have dramatically cut back on flights as the number of passengers has fallen off. Fewer cars on the road and planes in the sky means far less demand for oil.Coupled with a dispute between Saudi Arabia and Russia that has resulted in an


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