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
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.
by Tim McDonnell, Quartz Highlights Failing prices are a hard blow for many of these companies, who need oil prices of at least $30 to be profitable. Stocks that were once over $100 a share are now dipping dramatically and the top largest fracking companies in the US can’t turn a profit. Whiting Petroleum, a … Read more
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
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