We’ve exposed the shale gas shell game before but now it’s fully exposed and hanging out.
Insiders Sound an Alarm Amid a Natural Gas Rush
In the e-mails, energy executives, industry lawyers, state geologists and market analysts voice skepticism about lofty forecasts and question whether companies are intentionally, and even illegally, overstating the productivity of their wells and the size of their reserves. Many of these e-mails also suggest a view that is in stark contrast to more bullish public comments made by the industry, in much the same way that insiders have raised doubts about previous financial bubbles.
Love this comment:
June 26th, 2011
We all heard the advice from the time we were kids – be a smart consumer. But, in this age of information there seems to be a shift or modification in that advice with the emphasis instead on how to be a smart investor.
There are so many people in North America who are justifiably anxious about the instability in regions of the world that can/have/will further effect our nation’s energy supply. Capitalizing on this anxiety, and perhaps convincing themselves as well, are those in the oil industry.
It did seem strange how seemingly overnight North America suddenly was “blessed” with an abundance of oil reserves that would at long last break our dependence on foreign oil; and at the same time minimize the importance of other alternative sources of energy such as solar. It all seemed to good to be true. Well, according to this article, it is to good to be true.
Astonishingly, in 2011, we have not learned to effectively and efficiently harness the Sun’s energy : 12 hours of sun per day, equates to 438,000 watt-hours per square foot per year. Based on 27,878,400 square feet per square mile, sunlight produces 12.2 trillion watt-hours per square mile per year. Seems to me that if we concentrate our dollars on capturing the Sun’s energy instead of extracting oil, ALL our energy concerns will disappear literally with each sunrise. The problem for the oil company is, if we succeed, THEY will disappear.
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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It is about time that this scam came out! Way to go, NYT for bringing us what the Ft. worth Star Telegram wouldn't dare to say.
Can someone translate this? This page over at Hillwood Energy (http://www.hillwoodenergy.com/Assets/BarnettShale.aspx) says they have 6 TCF on 17,000 acres.
But the USGS estimates about 37 TCF in the whole shale.
Is that an apples-to-apples comparison? And if so, how can they get away with such an estimate?
Stan Scobie, Binghamton, NY
Investors beware! A few will make big $$, the rest of US will pay and pay.