An Infographic Look At Oil Prices And Trumpian Tax Reform

I've talked quite a bit about the self-defeating dynamic that's ensnared US oil production. As prices collapsed (and even before) shale oil had a free cash flow problem - namely, there wasn't any. Free cash flow that is. That meant capital markets had to plug companies' funding gaps. As Citi put in back in 2015, "easy access to capital was the essential 'fuel' of the shale revolution. But too much capital led to too much oil production, and prices crashed." Since the collapse in prices, produ