| Fracking Bubble Bursting | 9 October 15 |
"After expanding by a record 1.7 million barrels a day in 2014, the latest price rout could stop U.S. growth in its tracks," the agency reported. U.S. output of shale oil will fall by almost 400,000 barrels per day in 2016. Crude oil prices have declined more than 50 percent since last year. Fracking companies in places like North Dakota, West Texas, parts of Oklahoma and Kansas have all taken a big hit. Many are filing for bankruptcy protection or going out of business. "There were a large number of new entrants into the fracking business during the last four to five years," said industry analyst James West of Evercore. "These are very small ... they were building out their fleet. And now they're finding there's no work out there, and so they're having to close their doors." Currently, Wales, Scotland, the province of New Brunswick and the states of New York, Ohio, Texas and California among many others have all banned fracking.
View October 6, 2015 EcoWatch article |
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