Almost in line with falling global oil prices share value of oilfield service companies have slumped by around 25% over the past four months.
These are the same companies that have benefited greatly from the US fracking boom that transformed the standing of the US as an oil and gas producer; its position as number one oil consumer has never been at risk.
But the halcyon days of unfettered profits for US frackers and service companies look to be over.
There has been sustained reduced investment in the US due to several reasons including localised environmental issues.
Add to the mix reduced demand from Europe and China, together with increased production from Saudi Arabia and Libya, and the outlook looks grim.
It seems inconceivable that the Westminster touted fracking prospects for the UK are realistic in the current environment.
In any event, it seems unexceptional that the supply side of the oil and gas industry will undergo a shake-up. The takeover of Baker Hughes by Halliburton may signal the start of that process.
Peter Strachan is a Professor of Energy Policy at Robert Gordon University and Alex Russell, his co-author, is a Professor of Petroleum Accounting at Aberdeen Business School.