From Boom Town To Ghost Town: Texas Grapples With Low Oil Prices

Times are tough in the Permian Basin. The massive shale play that stretches across West Texas and southeastern New Mexico has gone from boom to bust in a swift downturn that began even before the spread of the novel coronavirus. The gushing Permian Basin created a shale revolution and jettisoned the United States to the top of the world’s oil-producing charts, surpassing even Saudi Arabia, but production has been slowing down over the last couple of years. “The nature of shale wells is that the decline in production much more rapidly…