Chew on these numbers. U.S. oil and gas companies have $850 billion in outstanding bonds, according tothis report from the Bank of International Settlements. That’s out of a $6 trillion total U.S. corporate bond market. This oil and gas indebtedness has surged in recent years, more than doubling since the last oil downturn in 2009. That’s twice the growth rate of overall corporate bond issuance.