Coronavirus Leads 19 Oil and Gas Companies to File for Bankruptcy

Coronavirus Leads 19 Oil and Gas Companies to File for Bankruptcy

August 5, 2020

The number of oil and gas companies filing for bankruptcy keeps climbing, meaning the number of American energy jobs being lost is increasing as well.

The energy sector has been hit hard during this pandemic. With lower energy consumption across America and a decline in new drilling activity, the industry is facing immense hardship. It is imperative for the U.S. to rally behind this vital sector that supports American jobs and the nation’s access to reliable and affordable energy.

Clean Technica reports that 19 energy companies have filed for bankruptcy this year. We are just a little over halfway through the year, and with an overall drop in energy consumption, it is looking harder and harder for the sector to bounce back. In fact, this past spring marked the U.S.’s lowest energy consumption in 30 years.

During a time of unprecedented economic turmoil and record unemployment levels, it is important to remember that the energy sector alone supports almost 10 million hard-working American jobs.

The U.S. needs a leader who believes in the energy industry and understands that it is an important component of the American economy and our national security. We need a president who understands that, despite ups and downs, a vibrant domestic energy industry is critical to maintaining our nation’s economic might and national security. 

A Biden presidency threatens the millions of good-paying jobs the industry provides and the national security the industry has secured through an independent domestic supply of energy.