The shale oil sector has been circling the drain for quite a while. PeakProsperity.com has covered the death spiral extensively. FWIW, they’re convinced that shale’s collapse will lead to supply disruptions causing a significant spike in petroleum prices.
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Yes and higher prices at the pump are not something that I look forward to.
It is what the Saudis were reported waiting for. It is believed they decided to just wait out the shale industry knowing it would eventually collapse.