The global coronavirus pandemic–a true black swan event–has altered the course of the entire oil and gas industry, and not even the mighty US shale industry will emerge unscathed. Employment in the oil and gas industry in the United States has already dropped off considerably in the months following the coronavirus, exacerbated by Russia and Saudi Arabia’s oil price war that saw millions of extra barrels of oil flood into the market, including into the United States. The combination of those two events put remarkable pressure on the shale industry in the United States. And the industry is unlikely to return to normal in the near future–or ever, perhaps. Oil Workers, the Backbone of U.S. Shale According to the U.S. Bureau of Labor Statics Current Employment Statistics published last month, support activities for oil and gas operations fell by 20% between February and May. In Texas, the heart of […]