Kinder Morgan is the Lehman of oil bonds.
In 2008 Lehman had entered into agreements on CDO's that left it vulnerable to non-payment of loans of sub-prime mortgages.
Today, loans on oil drilling have become sub-prime, not because of people with poor credit buying property that they never could pay the reset interest rates, but because there are too many fracking wells being drilled.
Now, it is corporations that have become the the poor credit risk, and they cannot repay the mortgages on the oil wells that they have drilled.
If the wells are not being completed, how long are the companies that are paying the bonds, going to keep paying on the loan. The loans have become sub-prime.
The rest of the world knows this and are divesting themselves of their positions
Look at KMI stock price relative to OIH etf. KMI has recently lost value faster than OIH.
It will only get worse.
Disclosure: The author is short KMI.