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Approvals for new oil and gas wells up in California

by Daisy Nguyen, Associated Press Highlights California issued 2,691 permits to drill new wells or rework existing ones the first half of this year and the issued 48 new permits for hydraulic fracturing Consumer Watchdog and FracTracker have partnered on a “Newsom Well Watch” website and say that California has issued 190% more oil and … Read more

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The rise of leaky wells and taxpayer liabilities

Fracking rig operates next to a walking and bike way for residents of Signal Hill drilling into the Los Angeles Oil Field. Photo by Sarah Craig.

A rapidly growing movement is underway in California to call out Governor Gavin Newsom for ramping up approval of fracking and drilling permits. This comes at a time when the effects of fossil fuel pollution on public health is of grave concern and many oil and gas companies may abandon leaky wells because of bankruptcy with falling demand for their products.

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U.S. fracking giants prepare for repeat of 2016 collapse, expect little help from Wall Street

by David Wethe, Bloomberg Highlights: Major fracking companies are expecting to crash and don’t anticipate receiving financial help from Wall Street, potentially paving the way for more renewable energy projects. Though drilling rig numbers have dropped in the past, the current decline could come much faster this time according to fracking giant Schlumberger Ltd. Halliburton, … Read more

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IEEFA update: Bankruptcies multiply for fracking sector

Aerial view of fracking wells.

by Kathy Hipple, IEEFA, January 28, 2020 Highlights Forty-two companies within the United States that have fracking based portfolios filed for bankruptcy in 2019: In total, the aggregate debt of these companies was $26 billion The fracking sector struggled due to overproduction, gas and oil prices, and increasing debt throughout the past 5 years Moody’s … Read more