$30 Oil Isn’t Good Enough For U.S. Shale

The rebound of WTI from below zero back into the $30s led to a wave of bullish trading, with energy stocks rallying in response. One renowned industry expert recently celebrated the return of $30 oil: — Donald J. Trump (@realDonaldTrump) May 18, 2020 But the enthusiasm in no way reflects the true state of the U.S. oil industry. Shale drillers were collectively unprofitable even when oil prices were twice today’s levels, and are drowning in red ink with WTI at $30 per barrel.  The poor economics predate the global pandemic and the…