Chesapeake Energy Corp., the archetype for America’s extraordinary shale-gas fortunes, filed for bankruptcy, becoming one of the biggest victims of a spectacular collapse in energy demand from the virus-induced global lockdown.
Chesapeake listed assets and liabilities in the range of $10 billion and $50 billion, and more than 100,000 creditors.
The company also entered into an agreement to eliminate about $7 billion in debt and secure $925 million in debtor-in-possession financing.
I want to hear people’s opinions on the current state of energy, it’s prices, and what this could mean to Americans that are interested in mining whether it be in the cloud or IRL
It is clear that the lock down has killed the traditional economy, especially the energy economy. Saudi Arabia and Russia then proceeded to fight over the remaining market share until Trump threatened the Saudis into negotiating a settlement. It could be years before energy demand recovers. Meanwhile, the globalist push to concentrate power including the use of pandemic and ‘climate change’ narratives will continue, making the traditional petrochemical sector increasingly non-politically-correct. That said, if it is true we are entering a global cooling period as a result of a new solar cycle, I would expect petrochemical energy to remain in high demand. That is, unless batteries, nuclear power, and especially thorium reactors, are promoted as an alternative.
- This reply was modified 2 months, 1 week ago by Voxxe.
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