Now the New York Times is sounding the clarion about scads of U.S. oil producers standing on the edge of a financial precipice — the latest of many publications and industry commentaries warning about the expected shakeout from plunging oil prices. Per-barrel oil prices have gone as low as $24 and may fall further still, the byproduct of dwindling energy demands caused by the coronavirus-induced economic slowdown, abruptly followed by the Saudi Arabia–triggered price war with Russia.
The Times writes: “Companies are increasingly turning to restructuring advisers to work through their finances, and the weaker businesses could end up filing for bankruptcy. Collectively, the energy companies in the S&P 500 stock index are down roughly 60 percent this year.”
Russia and Saudi Arabia have tried before to kill off U.S. shale players — who have played a
