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, 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

The Climate Center’s Climate-Safe California platform aims to secure a positive transition for workers and their families whose livelihoods depend on fossil fuel industries. Endorse the platform here. 

Read More: https://ieefa.org/u-s-fracking-giants-prepare-for-repeat-of-2016-collapse-expect-little-help-from-wall-street/

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Nina Turner

Nina is a graduate of the Energy Management and Design program at Sonoma State University. She has experience in non-profits that specialize in sustainability and volunteerism. Nina is currently the Energy Program Coordinator and produces the bi-weekly Clean Power Exchange newsletter.

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