The slowdown is the direct result of over supply.
Prices are dropping.
Most of these guys can make good money at $75bbl and below that they start to thin out.
Industry articles I have read state that 40 dollars a barrel is Rock Bottom for meager profits. A result of efficiency gains directly related to significant improvements in extraction technology.
The same articles stated that the industry is most comfortable with 60 dollars a barrel. This price was said to be enough to allow the companies to hire and pay well and, to have enough to comfortably afford future investment in R&D while providing investors a nice return on investment.
Below 50 dollars a barrel the industry indicated they would experience stresses inhibiting future R&D as well as reduced investor return on investment.
[[Prices are dropping.]]
Where? Not in my neck of woods- been at $2.85 for a year now
Absolutely.