Wave of N. American oil and gas bankruptcies to continue at $40/bbl crude

It’s important for the bankruptcies to continue. There is an awful lot of zombie meat on the shale sector and the more of it goes down the drain, the better the industry will be when prices go post-50. It’s like with a tree – you cut the sick branches and those that starve the tree because they drain so much substance to allow for more reasonable growth. Let bankruptcy run its course.

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