What are the economic implications of COVID-19 for the U.S. shale industry? Investor disenchantment with U.S. shale isn’t new, Deloitte reports, but it appears to have worsened in the COVID-19 environment. From 2015–2016, at the start of the lower-for-longer downturn, the market seemed optimistic about shales. But in 2020, the double impact of COVID-19 and the oil price supply war seems to have led many investors to shun shale stocks. This appeared to be an extreme reaction, but not any longer, considering the record imbalance and extreme volatility in the oil market.