The Shale Boom in the US
US Shale Boom The US shale boom has regained its lost momentum in the immediate aftermath of Covid-10 pandemic. According to the latest data, both Exxon Mobil and Chevron have reported strong financial results that has directly stemmed from the increased production; the production activities have increased in the Permian Basin in Texas, US. The shale oil industry was dealt a massive blow in 2020, when the oil price - and the demand - crashed in the wake of once-in-a-century pandemic. The industry had been facing with its own challenges even before the pandemic broke out, due to higher production costs relative to those of the conventional oil producers. They were compelled to compensate for the high production costs by increasing the price of shale oil; the OPEC+, meanwhile, made the very survival of the sector even harder by artificially deflating the oil prices by increasing the production. During the booming years, meanwhile, the industry accumulated significant debt in
