A combination of low commodity prices and regulatory action has crushed fossil fuel companies' ability to operate, a former Commodity Futures Trading Commission head contended Thursday.
"It's really pouring on the fossil fuel industry," former Commissioner Bart Chilton said on CNBC's "Closing Bell."
Chilton's comments came after two more energy companies filed for Chapter 11 bankruptcy protection this week, joining dozens of others. Coal producer Peabody Energy made the move Wednesday, citing "unprecedented" challenges like low coal prices, a weak Chinese economy and regulatory changes. On Thursday, oil and gas producer Energy XXI followed suit as oil prices hover around $40 per barrel.