The Permian Basin’s “boom-and-bust” economy is suddenly facing a bust. (WSJ)
With crude already trading below $60 a barrel—a break-even point for many—prices could soon sink below $50 thanks to possible Venezuelan imports.
The impact is already visible: The number of local operating rigs has dropped 14%, service firms are laying off staff, and producers are facing a combo of both falling revenue and rising costs due to new tariffs on steel and chemicals.