Socioeconomic Repercussions of Biohazard on Geoscientific Activities with Regression Analysis for Oil Demand: Impact of Pandemic Covid-19

Abstract

The epidemic of coronavirus has a long term impact on the interests of geosciences, and has important consequences for the socio-economic front. This paper aims to discuss the alterations in academic and industry operations of geoscience because of this pandemic spread and its ramifications on global oil demand and its socio-economic consequences. The coronavirus outbreak could be the most defining event for the socio-economic incident of this decade. It has profound implications on industry, community, corporations, environment, and governments. Coronavirus is a type of biohazard that has adversely affected all the fields of science including geosciences. The teaching, research, training, and lab activities are suspended or replaced with online methodologies. International geoscience conferences, seminars, student education weeks, and geological fieldwork are delayed or postponed. In the oil, mining, and geotechnical industries, more than 90% of field operations are delayed to remain safe from a pandemic disease. Oil price slash to more than 20% in a single day, the lowest in three decades. Low demand for some mining and mineral goods also reduces their market prices to about 10% or more. Geotechnical projects related to the establishment of emergency health units were done at a rapid pace while other infrastructure projects were put on a halt to decrease the human impact and mitigate the extension of the epidemic. The socio-economic implications are discussed with the oil market, traveling and aviation, and services and industry sector. Oil market contracts owing to less industry production that hindered the business and economy. In comparison, the p-value of the oil market is below 0.05, and this analysis shows a negative regression coefficient. Owing to lower economic operation and reduced demand, manufacturing and services have also been affected. All these sectors consequently resulted in the huge number of employee layoffs, work at home trend, delaying in construction and infrastructure projects, and reduced social interaction. However, this pandemic encourages us to pursue more creative approaches of virtual and online platforms for academic and industry activities by inculcating the artificial intelligence and advanced technological solutions.