Production

"Illustration" courtesy of:  https://www.craiyon.com "oil derrick"

Those dirty little "frackers".  Did they actually think it was possible to turn the country into a net oil exporter?

They found a clean or dirty way to extract oil at relative expense.  Showing no business "acumen", they offered or signed agreements in bad faith or unfair terms.

What was the "standard" mistake?

Other oil "producers" had throttled back production, artificially limited supply, thereby not increasing price "per barrel".  When prices "adjusted" (which always or never occurs) the "frackers" were squeezed out of existence one drop at a time.

That'll learn or teach "them".

Backward or "market correction".