The carnage was far worse than expected. Oil futures opened near $30, down a record breaking 27%.

That's the biggest crash in history.

The S&P 500 and Nasdaq futures are down over 4%. Halt limits just hit.

US Cost of Production

A Dallas Fed May 2019 report highlights the Average Cost of Production.

The average breakeven price of oil has fallen 4 percent (or $2 per barrel) over the past year, to $50 per barrel, according to the latest Dallas Fed Energy Survey. The $50 top-line figure masks some important differences. Areas such as the Midland and Delaware basins in the Permian Basin, hotbeds of shale activity, are routinely lower on average than other locations. There is also variability among operators; within the Permian Basin, for example, individual responses to the most recent survey ranged from $23 to $70.