If the carnage that took place in the U.S. shale oil patch during the first quarter of 2020 is any indication of the financial health of the industry, just wait until the second-quarter results are released. Yes, there’s going to be serious BLOODSHED in the shale industry come early August….
Shale Oil Industry
The U.S. Shale Oil Industry has been a financial trainwreck since day one. And, with nearly $300 billion in public and private debt racked up by the shale industry since its inception, that hasn’t stopped investors from throwing good money after bad to continue the biggest energy Ponzi scheme in history….
The rapidly falling oil prices have finally claimed the first victim, but it won’t be the last. The Alberta government announced late yesterday for a substantial cut in tar sands oil production to stem the hemorrhaging low oil price. The price paid for tar sands oil has fallen a stunning…