US oil price plunge means the end of Trump's 'American shale' revolution

In short, it’s a swift and brutal end to the shale revolution, which last year had US president Donald Trump proclaiming “American Energy Dominance”.

A historic crash in crude prices is driving US shale into full-on retreat with operators halting new drilling and shutting in old wells, moves that could cut output by 20% for the world’s biggest producer of oil and leave thousands of workers unemployed.

For shale companies, the price of West Texas Intermediate crude went from hunker-down-and-ride-it-out mode to crisis mode in just a few days, with many now unsure whether there will even be a market for their oil.