‘The other bomb’ — Cramer’s warning as first shale company files for Chapter 11

Analysts have warned that falling oil prices will lead to a wave of consolidation or bankruptcies in the U.S. energy sector, and the Street got its first taste of what could be to come when U.S. shale producer Whiting Petroleum filed for bankruptcy on Wednesday.

“The oil patch is falling apart … This is the other bomb that’s dropping,” CNBC’s Jim Cramer said Wednesday on “Squawk on the Street.”

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