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Pain in the Oil Patch

U.S. oil prices on Monday plunged to an 18-year low of $20 a barrel, and some analysts think they could go much lower. A decade ago low gas prices were a windfall for the U.S. economy, but Americans are now driving less and America is now the world’s leading oil producer. All of which has politicians looking to help American shale producers, and it’s worth sorting the good from the bad.

The oil patch is getting smacked with a double whammy—the demand shock of Covid-19 and the supply shock of Saudi Arabia’s price war with…

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