Why have large declines in oil prices and in the rig count not triggered a more dramatic decline in production? At what price level would a large share of U.S. shale oil production lose economic viability?

The Federal Reserve's G.17 release on industrial production (IP) and capacity utilization published on September 15, 2017, included one of the first estimates of the impact on a specific measure of economic activity by Hurricane Harvey, which made landfall in Texas on August 25. As reported in...