You are here

Bankruptcy wave in US oil industry nears size of telecom bust

petrolpumpREUTERS.jpg
The rout in crude prices is snowballing into one of the biggest avalanches in the history of corporate America, with 59 oil and gas companies now bankrupt after filings for creditor protection by Midstates Petroleum and Ultra Petroleum.

Houston

THE rout in crude prices is snowballing into one of the biggest avalanches in the history of corporate America, with 59 oil and gas companies now bankrupt after filings for creditor protection by Midstates Petroleum and Ultra Petroleum.

The number of US energy bankruptcies