The rebound of WTI from below zero back into the $30s led to a wave of bullish trading, with energy stocks rallying in response. One renowned industry expert recently celebrated the return of $30 oil: But the enthusiasm in no way reflects the true state of the U.S. oil industry. Shale drillers were collectively unprofitable even when oil prices were twice today’s levels, and are drowning in red ink with WTI at $30 per barrel. The poor economics predate the global pandemic and the market downturn. For instance, large U.S. oil drillers spent a combined $1.18 trillion over the past decade, but only generated $819 billion in cash flow from their operations, according to Evercore ISI and the Wall Street Journal . In other words, oil drillers are more than $350 billion in the hole over a ten-year period. For much of that time, oil prices were trading at […]