With the exception of 2017,the price of WTI and the number of permits issued to produce it have tracked each other closely throughout the shale era.Since the advent of the COVID-19 pandemic,however,the two have diverged sharply.In January 2020,U.S.permits totaled about 2,900,and the price of WTI had dipped just slightly from December to average a sturdy $57.52/bbl for the month.After that,both suffered a harsh decline,with WTI slumping to its nadir of $ 16.55/bbl in April 2020 and the number of permits to barely above 1,000 in May.
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