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Ghost town in texas10/29/2023 ![]() ![]() ![]() shale industry was already in decline, the COVID-19 pandemic may just be the sector’s coup de gras. “ The nature of shale wells is that the decline in production much more rapidly than conventional wells, leading to inevitable slowdowns such as what we are currently witnessing in the once almighty Permian,” Oilprice reported last September. ![]() 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 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.
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