American Fracking Wins

To all the doubters who triumphantly declared that Saudi Arabia's gambit to destroy the American fracking industry would succeed, FT Alphaville shows why fracking remains resilient.  In one word, the answer is: productivity.  The tale can be told in just three charts:

The number of oil rigs has collapsed as the inefficient drilling operations went bankrupt:

 

Oil output continued to increase as productive oil wells with low operating costs expanded operations, and costs were cut at other wells to bring them back into a profitable operating environment: