Bankruptcy: Chesapeake Energy, a shale drilling pioneer that helped turn the U.S. into a global energy powerhouse, has filed for bankruptcy protection. The Oklahoma City-based company said Sunday that it was a necessary decision as its debt load is currently nearing $9 billion. It has entered a plan with lenders to cut $7 billion of its debt and says it will continue to operate as usual during the bankruptcy process. The oil and gas company was a leader in the fracking boom, using unconventional techniques to extract oil and gas from the ground, a method that has come under scrutiny because of its environmental impact. Read the full story.
At the pump: The average U.S. price of regular-grade gasoline increased by 6 cents over the past two weeks, to $2.22 per gallon. That’s 51 cents below the average pump price from a year ago. Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday that demand for gasoline remains weak even as states reopen for business amid the coronavirus pandemic. She says prices at the pump may slow soon. The highest average price in the nation for regular-grade gas is $3.15 per gallon in the San Francisco Bay Area. The lowest average is $1.78 in Baton Rouge.
Real estate: Pending home sales spiked a stunning 44.3% in May compared with April, according to the National Association of Realtors. That is the largest one-month jump in the history of the survey, which dates back to 2001. It beat expectations of a 15% gain. Sales were still 5.1% lower compared with May 2019, however, CNBC reports. Pending sales measures signed contracts on existing homes, so it shows that buyers were out shopping during May. Read the full story.