(OPINION) CBN – Oil prices have been sitting at their lowest levels in 20 years, and the May contract price collapsed Monday into negative territory for the first time in history. America’s domestic oil industry is imploding quickly, as producers from Texas to North Dakota are being forced to shut down wells and lay off workers.
It has some asking if this is the end of the US shale oil revolution. Todd Staples, president of the Texas Oil and Gas Association, says, “We’ve already had about 20,000 jobs lost from March of this year to March of 2019, and so that’s just the beginning of this phase.” There’s so little demand for oil, America has almost run out of places to store it.
But the bad news doesn’t stop there. A fleet of Saudi tankers is on its way to the US with even more oil that some say the US doesn’t need, threatening to make a bad situation even worse. There are 40 million barrels on 20 supertankers headed toward a Saudi owned refinery on the Texas Gulf Coast. West Texas Oilman Kirk Edwards calls the approaching Saudi oil a type of “Pearl Harbor” event. “It’s a little bit different because we know the ships are coming,” Edwards said. READ MORE
