Is the Oil Boom in the Permian Basin Facing Its End?

The chaotic economic ripples of COVID-19 may be the beginning of the end of the oil boom for the American oil patch. The Permian Basin stretches across Texas and New Mexico and accounts for one out of every three barrels of oil produced in the U.S., according to The New York Times.

Already, only 246 drilling rigs are operating, down from 460 just a year ago. Executives predict that 100 more may be gone by the end of the year. 

Some small companies are making plans to shut down all of their well sites in the coming weeks as prices continue to fall and storage fills. 

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