Oil-Industry Collapse Accelerates With Scores of Rigs Going Dark
- Crude prices heading for worst quarterly decline in 30 years
- Once-booming Permian accounts for more than half of shutdowns
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The oil industry’s meltdown is accelerating as explorers shut down scores of drilling rigs across the U.S. in response to cratering crude prices and expanding supply gluts.
Oil companies idled 40 rigs this week, twice the pace of last week’s reduction and the steepest contraction since April 2015, according to data released by Baker Hughes Co. on Friday.