Morning After In The Shale Patch – Oilfield Workers Getting Slammed

by Annamaria Andriotis at the Wall Street Journal
David Stockman’s Contra Corner

The slump in crude prices is starting to show up as missed payments by consumers in the oil patch.

In states from Oklahoma and Texas to North Dakota and Wyoming, rising unemployment in the energy sector is pushing up loan delinquencies and raising the risk of new losses for banks.

Wells Fargo & Co. this month reported an increase in borrowers falling behind on payments in areas including Houston and parts of Alaska. J.P. Morgan Chase & Co. said auto-loan delinquency rates picked up in some energy-related markets.

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