By Eric SharpeDefining a “bust” in economic terms is a bit harder than defining a boom. A bust, in its simplest form, is a dramatic decrease in economic growth or production. Terminology of this sort makes things a bit foggy for an industry like oil as production growth can continue through the end of a boom cycle. In every major shale play for instance, oil production rates were continuing to rise as late as February 2015 as new wells completed at the end of 2014 were just hitting peak production and existing wells were of course still productive. Granted, production increases are set to end as fewer new wells come online, but will the lack of replacement production of legacy production losses lead to a decline that would define a bust?