Drilling rigs collect dust, barber chairs sit empty and lines swell at the food bank: This is what it looks like when a Texas oil boom busts
When an oil bust takes hold in West Texas, no one is spared: Drilling rigs collect dust, barber chairs sit empty, students drop out of school and lines swell at the food bank.
The collapse in the wake of the new coronavirus has been historically brutal. In a matter of weeks, global demand for oil shriveled by more than 20% this spring, as people hunkered indoors and stopped flying and driving. Oil prices crashed. A fracking industry that had pushed American production to a world-leading 13 million barrels a day went into...
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