Since mid-2014, oil prices have collapsed in their biggest rout of the modern era

(Brent crude oil price performance from peak to peak in percent)

Rather than slash output to reverse the decline, OPEC’s biggest members have been pumping more

(Change in crude production since June 2014 in thousands of barrels per day)

U.S. oil drillers resisted at first, but then beat a fast retreat from the fields, slashing rigs to a third of their peaks

(Number of U.S. oil rigs)

But U.S. oil production proved surprisingly resilient to falling prices, barely ebbing after a five-year boom

(U.S. domestic crude production in millions of barrels per day)

That’s because drillers got better at getting more and more crude from every well

(Average volume of oil in barrels produced per day from a new well)

Though many U.S. shale companies have suffered the consequences

(Share price performance of U.S. shale companies in percent)

And the spigot of Wall St money that funded the boom has been shut off, with junk-bond yields surging to record highs

(Merrill Lynch HY Energy Bond Index)

Who pays the price? Oil workers: The U.S. economy has shed nearly 150,000 jobs in the natural resources and mining sector

(Monthly change in employment, natural resources and mining in thousands)

Some 18 months into the slump, a new surge in layoffs is looming, according to industry data.

(Challenger Gray planned layoffs for energy sector in thousands)

And what now? Who knows, uncertainty over the oil price has rarely been greater, according to the options market

(CBOE oil volatility index)

Sources: Thomson Reuters Datastream