Less than two months ago, gasoline prices were headed for $3 a gallon. Today theyre headed for $2 a gallon. This is good news for summer vacationers traveling by car on road trips to theme parks and national parks. Nearly a third of Americas drivers will take a trip by car this summer, burning more than 400 million gallons of fuel every day.
The potential savings are immense, and theyre tax-free.
But not cost free.
U.S. frackers havent turned a profit in 10 years, and investors have not only been putting pressure on them to show them a return on their investments, but have largely shut off the flow of new investment capital until they do. Last year oil companies raised about $22 billion from both equity and debt financing, less tha…
Read the full article at: https://www.thenewamerican.com/tech/energy/item/32559-as-oil-and-gas-prices-drop-frackers-declare-bankruptcy
