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Author Topic: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!  (Read 9362 times)

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    • Renwable Revolution
Agelbert NOTE: Expect a 🦀 Trump push to (i.e. SOCIALIZE THE COSTS) welfare queen bailout these hydrocarbon 🦕 hellspawn profit over people and planet bastards using the old "It's for National Security" BULLSHIT excuse. This Grand Larceny "effort" will, unfortunately, be backed by too many Democrats. 😠 Remember that Biden, the establishment DINO Candidate for Preseident, was a Senator from BIG OIL FRIENDLY Delaware when you read the article below. Only the Progressives like Senator Bernie Sanders will oppose Fracker bailouts on principle. The article below fails to point out how increased renewable energy use has contributed to this well deserved tsunami of highly polluting shale oil and gas bankruptcies, but rest assured that it is the giant green elephant in the doomed hydrocarbon industry room.

Unfortunately for we-the-people, even as these polluters go bankrupt, they are polluting even more than ever by the massively increased 🔥 flaring involved in their desperate, but environmentally destructive, efforts to remain economically solvent. >:( Prison is too good for those planet eaters. 😠   

U.S. 🦕 Shale Patch Sees Huge Jump In Bankruptcies 

Fri, 01/24/2020 - 11:51

Authored by Wolf Richter via WolfStreet.com,


The Great American Fracking Bust started in mid-2014, when the price of WTI dropped from over $100 a barrel to below $30 a barrel by early 2016. Then the price began to recover, going over $70 a barrel in September and October 2018. But then it began to re-plunge. By the end of 2018, WTI had dropped to $47 a barrel.

Two major geopolitical events in the Middle East – the attack on Saudi Aramco’s oil facilities last September and the US assassination of Iranian Major General Qasem Soleimani – that would have shaken up oil markets before, only caused brief ripples, quickly squashed by the onslaught of surging US production. At the moment, WTI trades at $56.08 per barrel, which is still below where the shale oil industry can survive long-term:

And 2020 is starting out terrible for natural gas producers. The price of natural gas has plunged to $1.90 per million Btu at the moment, a dreadfully low price where no one can make any money. Producers in shale fields that produce mostly gas, such as the Marcellus, are in deeper trouble still, because oil, even at these prices, would be a lot better than just natural gas. 🤔

Producing areas with constrained takeaway capacity (it takes a lot longer to build pipelines than to ramp up production) are subject to local prices, which can be lower still. In some areas, such as the Permian in Texas and New Mexico, the most prolific oil field in the US, where 🦕 natural gas is a byproduct of 🦖 oil production, limited takeaway capacity has caused local prices to collapse, and 🔥 flaring to surge>:( ... ...

Texas at the epicenter.

The most affected state, in terms of the number of bankruptcy filings, is Texas, the largest oil producer in the US. Since 2015, the state had 207 oil-and-gas bankruptcy filings, of the 402 total US filings. In 2019, Texas had 30 of the 65 US filings.

Delaware, obviously, is not into oil and gas production, but into coddling corporations, and many companies are incorporated in Delaware, including some oil-and-gas companies in Texas. When they file for bankruptcy, they do so in Delaware.

These are the eight states with the most oil-and-gas bankruptcy filings since 2015:

Full article:

Reality based Comment:

To Hell in a Handbasket 👍

Shale is merely the woke economics of the political right. It's clearly ********, and designed to shame you into accepting post truth non-realities, with economic gobbledygook.

The maths never made sense, but that didn't stop people from pushing post truth madness regarding the viability of shale. This forum has its fair share of pro-shale lunatics.

Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23


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