Sales of U.S. Oilfield, Mining Equipment Plummetby
Two years ago during the fracking boom, money was pouring into America’s oil and gas industry at a record clip. Now it’s leaving just as fast. A report Thursday from the Census Bureau showed sales of equipment used to drill for and extract black gold and natural gas fell a record 49 percent on a year-over-year basis, to $861 million in June. That marks a huge reversal from the all-time high of nearly $3 billion value of equipment shipments in April 2014, when oil was trading north of $100 a barrel.