Posted on 10/01/2015 9:33:40 AM PDT by Lorianne
Stiff competition, lack of business lead to bankruptcies, distress ___ A wave of bankruptcies and closures is sweeping across the oil patch, with dozens of hydraulic-fracturing companies at risk, industry experts say.
Most of the companies that help oil-and-gas explorers drill and frack wells are small, privately owned and just a few years old. They are part of a flood of new entrants in the energy business—one that is drying up as oil prices languish below $50 a barrel.
One of the latest casualties is Pro-Stim Services. Launched in 2011 with backing from Turnbridge Capital LLC, a private-equity firm, the company did work for oil-and-gas producers eager to coax more fuel out of the ground in places like Texas and Louisiana.
(Excerpt) Read more at wsj.com ...
Hey, Obama’s energy policy is succeeding!
I don’t think making it cheaper is part of his plan.
Once he noticed the price declining, the plan shifted to driving it so low that many companies would go out of business. That will drive it up again — and allow the government to take control of the industry.
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