U.S. oil producers may drill themselves into oblivion

Notice the price of a gallon of gas lately? In the Springfield area, it's dropped to the high $2.70s range. Falling oil prices are pulling down the price at the pump - which could be disastrous for oil producers, according to Bloomberg Businessweek.
 
The report states producers, many buried in debt and with less oil in reserve than they claim, are themselves to blame for their financial predicament. Instead of slowing production to raise prices, they are installing fracking rigs at a dizzying pace - more than 1,300 now, up from fewer than 380 just five years ago.
 
This rapid expansion is predicted to force oil prices below the break-even point, which in turn could force a "potential wave of bankruptcy" to ripple across the industry, the report states.

Read more from Bloomberg Businessweek.