It might sound like a headline about Canada’s oil industry or Venezuela’s, but even the most prolific basins in the U.S. shale patch are crumbling under the weight of low oil prices and limited storage space. So what is the current situation in the Permian, Bakken, and Eagle Ford basins? Output in the three largest onshore oil-producing basins has now started to decline. U.S. shale producers were quicker to react to this price slump than they were in the 2015-2016 crash, and all evidence suggests that the 2020 oil price collapse will…
