Oil And Gas Sector: Trouble Ahead with Bankruptcies

CreditsafeCreditsafe USA, which calls itself the world’s “most used supplier” of company business intelligence, on Tuesday released what they call “startling statistics” about “the troubled oil and gas sector.” They are, of course, trying to sell subscriptions to their service by releasing this “news.” However, we found their press release interesting, for a couple of reasons. One reason is because Creditsafe’s research shows that the oil and gas sector contributed a staggering, words-can’t-even-describe-it $220 billion to the U.S. economy in 2015. It represents a “significant percentage” of the U.S. gross domestic product (GDP). The big problem they identify is that oil and gas companies are starting to drop like flies–declaring Chapter 11 bankruptcy. What lies ahead for our economy if that trend continues?…

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