The bust has happened.

NY Times article
here.

MIDLAND, Tex. — With oil prices plummeting by more than 50 percent
since June, the gleeful mood of recent years has turned glum here in West Texas
as the frenzy of shale oil drilling has come to a screeching halt.

Every day, oil companies are decommissioning rigs and announcing layoffs. Small
companies that lease equipment have fallen behind in their payments.