By Jerry Bellune

'JerryBellune@yahoo.com

Good news for Lexington County drivers:
At-the-pump gas prices are expected to remain under $2 a gallon in 2021.
But it's bad news for the oil and gas industry.
Wells have been closed and new drilling halted, energy expert Jim Clarkson, CEO of Resource Supply Management, told the Chronicle.
To avoid bankruptcies, many are writing-down and restructuring their debt. 
"Even mighty Exxon has taken a beating in its shale ventures," he said.
"Prices look good for years ahead. However, today’s bargains mean higher prices later to restart new resource development.
"The war on natural gas will apparently intensify. 
"The outgoing administration in Washington did a lot of good things in the energy and environmental areas. 
"The incoming administration will have appointees that call for 'keep it in the ground.' 
"The golden age of natural gas is over and to be followed by the dark age for natural gas."
The pandemic has triggered the largest revision in oil industry assets in at least a decade, The Wall Street Jpurnal reported Monday.
Oil companies have soured on costly projects due to the prospect of low prices for years.
Oil-and-gas companies in North America and Europe wrote down roughly $145 billion combined in the first three quarters of 2020, the most for those 9 months since 2010.
Other companies are writing down more of their assets during the corona virus pandemic than they have in years. But the oil industry has written down more than any other major segment of the economy after an unprecedented collapse in global energy demand, according to S&P Global Market Intelligence.