The U.S. shale oil sector hits ‘tipping point’ and is now beginning to decline amid tariffs, weak oil prices

A record-breaking, but maturing U.S. oil industry has “peaked” and already begun its decline as it struggles under the weight of tariffs and lower oil prices, the CEO of the Permian Basin’s top pure-play producer said.

Crude oil prices have fallen this week to new four-year lows since the pandemic amid recession fears and unexpected production hikes from OPEC nations and their allies. U.S. producers are quickly pivoting to drop drilling rigs and cut costs with prices now below the levels for profitability...