Gray swan

The Permania, as someone called the oil industry and private equity rush to West Texas and New Mexico, has begun to take its toll on all those investors that saw it as the next huge thing. With production booming, pipeline capacity has become tight, and producers are forced to sell their crude at a painful discount to benchmarks. They are also losing billions in market capitalization.

Somewhat alarming since the frackers go us out of the crash.  We can produce out own oil except we are unable to delivery it to ourselves even though we are a continuous land mass.  That does not make an optimum currency zone.

The good news is that we can export the oil to importing countries who know how to delivery it.