HOUSTON (Bloomberg) --The American shale industry shocked the world
with its rebound after the 2014-2016 bust, setting records for output
that pushed the U.S. to the top spot among oil-producing countries. A
handful of experts is saying that will happen again.
The comeback trail would be steep and long. The spread of coronavirus
is crushing demand while Saudi Arabia and Russia are creating a glut.
Everybody agrees U.S. production will take a bigger hit than last time,
when it dipped before soaring. As many as 70% of the 6,000 shale
drillers may go bankrupt, and one-third of shale-patch workers are
expected to lose their jobs. Wall Street, which financed the last boom,
has cut off the cash spigot.
https://www.worldoil.com//news/2020/3/27/experts-see-a-future-for-shale-rocks-don-t-go-bankrupt?id=31307113
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