The future continues to look bleak for the US oil patch, as experts warn that even if energy demand increases, Americans will still have to burn through the massive amounts of crude now stored up, according to The Wall Street Journal.
The price of U.S. oil futures fell below negative -$40 a barrel last week as oil storage tanks in Cushing, Okla., the delivery point for U.S. crude futures, reached peak capacity.
Active fracking rig count is down 73% from the first-quarter average, and even if demand for oil rises, demand for fracking will remain low.
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