insight - US shale oil just had its worst year and the pain could bleed into 2021

Lower output: Pump jacks operate at sunset in Midland, Texas. The shale industry will ring in the New Year pumping 7.44 million barrels per day, down nearly 20% from the beginning of 2020. — Reuters

US oil and gas shares and drilling activity are edging higher, but a disastrous year for the energy industry means the go-go days of the shale boom may be gone for good.

Deep spending cuts that came with the collapse in fuel demand and oil prices due to the Covid-19 pandemic have ended an era that put the US atop the ranks of the world’s biggest producers.