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Bankruptcies Likely For Shale Oil Fracking Biz

first_imgPhoto: Kate Ausburn. / CC BY 2.0NEW YORK – Dozens of American Shale Oil companies could go bankrupt as prices reach a historic low.The companies use Hydraulic Fracturing to get SHALE Oil out of rock and stone.The innovative method has made the United States, a major oil producer. But, it’s expensive.That makes it hard to turn a profit with a price war and coronavirus disrupting supply and demand. West Texas Intermediate Crude is the cheapest it’s been, Since the New York Mercantile Exchange started trading oil futures.Now, some experts believe 100 oil and gas companies could file for bankruptcy this year if prices don’t go up significantly. Share:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to email this to a friend (Opens in new window)last_img read more