Bloomberg reported U.S. oil drillers have pumped more than $1.4 trillion into the oil and gas industry the past five years as oil prices averaged more than $91 a barrel.

According to data compiled by Bloomberg, the cash infusion helped push U.S. crude production to the highest in more than 30 years.

Bloomberg noted now that oil prices have fallen below $45, any euphoria over cheaper energy will be tempered by losses that are starting to show up in investment funds, retirement accounts and bank balance sheets.

Bloomberg said the bonds of more than 80 oil and gas companies have fallen to distressed levels, meaning their yields are more than 10 percentage points above Treasury debt.

To view the full Bloomberg report, click here.