“One barometer of the collapse is the local drilling rig count: Last week, it dropped by 37, leaving 246 operating, down from 460 a year ago. Executives predict 100 more will be gone by the end of the year.” People in the oil business are no strangers to dramatic market ups and downs. But the combination of a pandemic and a supply glut has left speculators and workers feeling ill baby ill. NYT: For over a decade, the Permian Basin in Texas and New Mexico has been the epicenter of the American oil boom. Now, it’s the epicenter of its demise.