Chesapeake Energy, a shale oil & gas pioneer, filed for bankruptcy protection today. The company helped turn the US into a gas exporter but became known for an illegal scheme to suppress the price of oil and gas leases.
This is to fracking in 2020 as it would have been to petroleum in 1920 if the Standard Oil Cos. filed for bankruptcy. what an ungodly mess.
So much for the splendors of fracking.
The story of Chesapeake Energy and its former CEO Aubry McClendon reads more like a wild west story than actual fact. But it really did happen. Rachel Maddow's "Blowout" has the colorful version. Usual excellent reporting from