by David Wethe, Bloomberg
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, the world’s leader in fracking, is planning for the possibility that nearly two-thirds of rigs in North America could be shut down by the end of the year
- The U.S. oil rig count could potentially see a 70% drop over a six-month period, surpassing lows last seen in 2016
- Financial markets are not quick to support the fracking industry, as many investments are focused on more clean energy efforts
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