by Steve St. Angelo
SRSRocco Report
The oil price collapse is a bad omen for much worse things to follow. The global contagion is impacting the U.S. economy and the domestic oil industry far greater than I realized just two weeks ago. As I try to allow my analysis to “Catch Up” to the gravity of the situation, my new forecast of the U.S. economy and oil industry is quite dire indeed.
I don’t say this to panic anyone, but to provide a more “realistic and pragmatic” view of where we go from here over the next few weeks and months. The rapid collapse in the U.S. oil price suggests BIG TROUBLE ahead for the domestic shale oil industry. While the low oil price is causing havoc in the shale industry, it’s only one component of the overall equation.