The Great American Oil Bust started in mid-2014, economists say, when the price of crude-oil benchmark WTI began its long decline from over $100 a barrel to, briefly, minus $37 a barrel in April 2020.
America’s fracking companies never made money, Stacy Herbert says, noting that they didn’t make money at $100 a barrel, and they didn’t make it at a negative price.
The decline didn’t start on a certain day, says Max Keiser. All the fracking companies “were allowed to exist because it was a great way to sell junk bonds on Wall Street to pension funds at above interest rates… But that didn’t mean that any of those companies made any money.”
Max explains that “the fracking industry just became a toxic debt pool to evaporate all that free money they were printing and cycle it through…”
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