Heavy equipment sits on the edge of a rocky stream bank as part of U.S. Bureau of Land Management-Forest Service reclamation efforts for abandoned oil and gas wells in the eastern U.S. Bureau of Land Management
In over their heads with debt, U.S. shale oil and gas firms are now moving from a boom in fracking to a boom in bankruptcies. This trend of failing finances has the potential for the U.S. public, both at the state and federal levels, to be left on the hook for paying to properly shut down and clean up even more drilling sites.
Expect these companies to try reducing their debt through the process of bankruptcy and, like the coal industry, attempting to get out of environmental and employee-related financial obligations.
Unconscionable politicking by these Republican sellouts to the big bucks oil company money.