The U.S. Shale Industry Desperately Needs To Drill

Nearly two years ago, OPEC+ made a high-stakes wager that it could curb oil production and drive crude prices higher without unleashing an onslaught of supply from U.S. shale producers. Indeed, Saudi Arabia was adamant that the golden age of U.S. shale was over as plunging oil prices put hundreds of companies out of business. Well, the alliance’s gambit has definitely paid off, with oil prices staging a strong rebound and WTI crossing the $80/barrel mark for the first time in seven years. Meanwhile, whereas gloomy predictions about the death of…