The domino effect of COVID-19 now threatens a new victim: oil and gas leases in the United States (“U.S.”). Since early this month, the decimation of global demand for oil resulting from the COVID-19 crisis, coupled with the glut in supply arising from the Organization of the Petroleum Exporting Countries (“OPEC”)-Russia price war, has caused a devastating collapse in the price of oil. Now, the fallout from this confluence of events presents yet another challenge for U.S. producers. Industry analysts are now forecasting that the surplus of oil produced over oil needed may soon exceed available storage. Producers that were already reducing production due to low prices are now feeling pressure to completely shut in wells. See, e.g., this article. This situation presents still another issue for producers: the risk of lease termination resulting from the shutting in of such production. This alert discusses several issues producers should consider in analyzing their leases for termination risk.