
Lower Oil Prices May Cause Shale Patch to Cut Budgets for the First Time Since Crash
From Bloomberg Lower prices mean explorers must trim spending to avoid debt West Texas Intermediate benchmark has tumbled 34% since Oct. 3 Shale explorers will likely cut spending budgets next year for the first time since the last price crash as crude spirals down again, analysts said. U.S. benchmark oil prices have dropped by more than a third from an