US shale oil just had its worst year
Shale industry will ring in the New Year pumping 7.44m barrels per day, down nearly 20% from the beginning of 2020
Reuters
December 23, 2020
NEW YORK/
HOUSTON:
US oil and gas shares and drilling activity are edging higher, but a disastrous year for the energy industry means the go-go days of the shale boom may be gone for good.
Deep spending cuts that came with the collapse in fuel demand and oil prices due to the Covid-19 pandemic have ended an era that put the US atop the ranks of world’s biggest producers. The shale industry will ring in the New Year pumping 7.44 million barrels per day (bpd), down nearly 20% from the beginning of 2020.