Tashkent, Uzbekistan (UzDaily.com) -- The fall in energy prices during the coronavirus pandemic has led to the bankruptcy of many oil and gas companies in the United States. Oil giants refuse to buy depreciated shale assets. Experts believe that if oil prices do not rise significantly in the coming months, the US shale industry will collapse.

According to Haynes and Boone, from 1 January to 31 July 2020, 32 oil and gas companies have declared themselves bankrupt. Their combined debt was US$49.7 billion, including US$29 billion in unsecured debt. This year, Whiting Petroleum and Chesapeake Energy were among the bankrupts - companies that were recently considered the "champions of America's shale industry."

Against this background, investors are convinced that the period of low energy prices will last for a long time, therefore, investments in the oil shale industry are economically inexpedient.

According to experts, as a result of the pandemic in the US oil and gas industry, more than 1 million jobs could be lost. The implications of this go far beyond the oil and gas industry. If, for example, there is no tax revenue in Texas, then teachers, social workers and police officers will also lose their jobs.

As experts predict, by the end of this year. The list of bankrupts of North American oil and gas companies will join 26 oil companies, 68 more will go bankrupt in 2021, and 57 in 2022. The total debt will increase by US$29 billion this year, in 2021 and 2022. will grow by US$58 billion and US$44 billion, respectively.

In general, most US oil companies are unable to survive with WTI prices of US$40 per barrel (now US$37.4 per barrel). At the same time, from August 2020 to the end of 2022, 151 oil companies will go bankrupt in North America if oil prices remain at current levels. The bankruptcy of American independent companies and the reluctance of the oil giants to acquire their assets should lead to a landslide drop in US oil and gas production in the near future.