Headlines have been pronouncing the impending death of the shale industry since long before the spread of the novel coronavirus. “Even when oil was priced at $30 a barrel,” writes industry rag RigZone, “hundreds of small producers across Texas and the Midwest were laden with debt, sweet spots already taken and forcing well operators to tap higher-cost locations.” Now, however, the situation in the United States shale patch is infinitely worse. The region that brought us the shale revolution and allowed the United States to surpass even Saudi Arabia as the largest oil producer in the world has been pummeled by the last months’ oil price crash. The United States’ oil empire is facing its downfall. When the COVID-19 pandemic began to ravage the global economy and shut down industries around the world a few months ago, global oil demand took an immediate hit. When the leading OPEC+ members […]