The U.S. oil industry has taken a beating from the recent drop in oil prices, which have plunged more than 25% since the summer.
Oil and oil service stocks across the board have been bruised… but none more so than those related to the fracking industry.
You see, fracking is an expensive process compared to conventional oil extraction techniques – a situation that became grave three weeks ago, when Saudi Arabia decided to try to run U.S. oil out of business by dropping the price of its crude oil.
Now, it looks like fracking may be the first casualty in this worldwide oil war.
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