While everyone is watching the meltdown in the crude oil market, the global market for natural gas is also cratering.
The sudden declines in production illustrates the fatal flaw in the shale business model.
Shale oil producers are under fire from investors, while most analysts see a supply glut in 2020.
Governor Newsom, six months on the job, finds out what’s actually going on.
Over 170 shale companies have declared bankruptcy since 2015, affecting $100 billion in debt, including 8 bankruptcies already this year.
In its relentless pursuit of oil, the shale industry burns more and more gas into the air. This wasted gas exceeds the yearly demand of nations such as Colombia.
Just what the crude oil market needs.
Because greater fuel economy for cars is toxic for the oil industry.
No recovery for the oil industry in Alberta.
This time was supposed to be different.