In response to the NY Times reporting (report 1 and report 2):
Hinchey Calls on SEC to Investigate Charges of Overbooking,
Questions EIA’s Handling of Shale Gas Reserve Estimates
“These reports raise serious questions about the economics behind the shale gas rush,” said Hinchey. “Now it’s up to the SEC and the EIA to get to the bottom of these charges and ensure that the public has accurate and honest information about our country’s shale gas reserves. EIA has some serious questions to answer and the SEC needs to investigate whether investors have been intentionally mislead.”
The industry responses are pretty funneh–a long whiny screed by Aubrey and a “why do you hate us so,” and the typical EID blather–I’ll try to get something up with those later today.
About Sharon Wilson
Sharon Wilson is considered a leading citizen expert on the impacts of shale oil and gas extraction. She is the go-to person whether it’s top EPA officials from D.C., national and international news networks, or residents facing the shock of eminent domain and the devastating environmental effects of natural gas development in their backyards.
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Mike H. says
Looking at all the recent news, fracking is looking more and more like another version of Enron! Who will defend those with suspended Royalty payments because the well quit? Will many of these companies just fold one night?
Good! It's too bad it takes this cabal of crooks trying to pull off another Enron-style heist for so many to finally give gas drilling the inspection it needs.
If they are, in fact, cooking the books – then doesn't it stand to reason that the rest of their self-generated reports (air quality, water safety, etc) are just as intentionally errant?
So, on the Natural Gas Industry Tally of Destruction:
1. Barnett Shale Air Quality – check
2. Contamination of multiple wells – check
3. Contamination of Trinity & Woodbine Acquifers – to be determined, hopefully not when it is too late
4. Destruction of north Texas property values – check
5. Health impacts ranging from headaches and nosebleeds to cancer – check
6. Destruction of communities via divisive leasing strategies – check
Did I forget anything?
7. It would appear, the attempt to create another bubble – and when it pops it will take its investors and the local economy along with it.
It seems the SS Chesapeake (or Exxon, Encana, Aruba – take your pick) leaves a mighty wide wake.
I'd have much rather subsidized solar and wind than what is beginning to appear to only benefit the "smartest guys in the room".
Just another dot.com investor scam waiting to come crashing down. Literaly, "pump"[gas] and dump. Aubrey gets away with all your cash.
Sorry Mike H., but I don't think anyone is going to defend folks who are out their royalties. Who is defending those with property damage? With destroyed drinking water? Who are suffering due to air pollution? Who is holding these companies responsible when their operations are cited with violation after violation (when they are caught – as the self-reporting rules seem optional in my experience).
This is a very small piece of a bigger picture:
1. achieve deregulation
2. through the promise of tax revenue, local job creation, and campaign support you win over government from the bottom to the top
3. set up operations and do whatever the hell you want, no matter who you poison or economically devastate in doing so
PG&E Chromium 6 Case
UC (now Dow) disaster in Bhopal, India
BP Gulf Spill
The energy & petro chemical industry has a long and well documented history of disregard for what BP executives term "the little people".
In short, if you want to go after your due royalties you'll have to do just like everyone else who has been wronged by them: prove it yourself.
Of course, if the companies are insolvent and Aubrey & Co have split town with their cash, you're SOL.