new fossil fuel sources + overproduction = bankruptcy for greedy developers

❝ For decades, elected leaders and corporate executives have chased a dream of independence from unstable or unfriendly foreign oil producers. Mission accomplished: Oil companies are producing record amounts of crude oil and natural gas in the United States and have become major exporters…With a global glut driving down prices, many are losing money and are staying afloat by selling assets and taking on debt…

❝ In the last four years, roughly 175 oil and gas companies in the United States and Canada with debts totaling about $100 billion have filed for bankruptcy protection. Many borrowed heavily when oil and gas prices were far higher, only to collectively overproduce and undercut their commodity prices. At least six companies have gone bankrupt this year, and Weatherford International, the fourth-leading oil services company, which owes investors $7.7 billion, is expected to file for bankruptcy protection…

❝ One concern is that the industry will be forced to leave oil and gas in the ground as climate change prompts environmental restrictions on drilling or a shift to alternative fuels.

As usual, the fossil fuel barons relied on their political bubbas in the White House and Congress to stand in the doorway to blockade any changeover to cleaner and cheaper energy generation. Climate change deniers from both parties were doing their share. Trump was elected and pledged to continue his own variety of populist ignorance to support backwards as the only true American direction.

A funny thing happened on the way to the bank, though. The rest of the world ignored our crooks and hustlers. As did a number of state governments. Not the majority. Just the states that understand that science and engineering, progressive policies result in cleaner, forward-looking economies.

Doesn’t mean problems are all solved. “Backwards” still includes a lot of federal flunkies calling themselves Democrats and Republicans. Change is only coming in the fullest sense of the word if all the deadwood is cleared out of the way.