Oil Plunge Puts $390 Billion Hole in Investors’ Pockets
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Investors have a message for suffering U.S. oil drillers: We feel your pain.
They’ve pumped more than $1.4 trillion into the oil and gas industry the past five years as oil prices averaged more than $91 a barrel. The cash infusion helped push U.S. crude production to the highest in more than 30 years, according to data compiled by Bloomberg.