Drilling rigs sit unused on a companies lot located in the Permian Basin area on March 13, 2022 in Odessa, Texas.
Joe Raedle | Getty Images News | Getty Images

Energy stocks were slammed Wednesday as U.S. oil prices plunged to their lowest levels since December 2021. The extent of the decline in West Texas Intermediate crude — down 5.5% to under $67 per barrel — seems overdone in an energy market that remains structurally undersupplied.

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