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The US energy slowdown is underway, and it's spreading worldwide

The oil producers and services firms are cutting budgets and production is in decline mode.
The article from Fortune discusses a noticeable slowdown in the U.S. energy sector, particularly in oil and gas, due to a combination of factors including lower oil prices, reduced drilling activities, and a shift towards renewable energy sources. It highlights that the number of active drilling rigs has significantly decreased, and major oil companies are cutting back on investments and focusing on cost efficiencies. The piece also touches on the impact of the global push for sustainability, with more investments flowing into clean energy, which is putting additional pressure on traditional energy sectors. The article suggests that while the transition to renewables is inevitable, the immediate future for the U.S. energy industry looks challenging, with potential job losses and economic impacts in regions heavily reliant on oil and gas.

Read the Full Fortune Article at:
[ https://fortune.com/article/us-energy-slowdown-underway/ ]