America’s fracking boom flounders as global prices and demand collapse

The Guardian discusses how America’s fracking boom flounders as global prices and demand collapse.

The US shale industry was forecast to deliver record high oil production this year. Only a few months ago the Permian basin was expected to increase its oil output to a new high of 4.8 million barrels per day, on the way to spurring the entire US market to a record daily output rate of 9 million bpd in 2020.

The Permian, North America’s largest shale basin, has been one of the biggest drivers of a shale oil boom that helped make the United States the biggest oil producer in the world, ahead of Saudi Arabia and Russia.

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