General Electric's Jim Cramer Heads to Midwest As Fracking Cheerleader

Wed, 2011-08-24 05:00Steve Horn
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General Electric's Jim Cramer Heads to Midwest As Fracking Cheerleader

This article is cross-posted from the Center for Media and Democracy’s PRWatch

Today, CNBC’s Mad Money with Jim Cramer’s “Invest in America” series will take the show to a seemingly unlikely locale, a place many would consider the middle of nowhere – North Dakota.

Why North Dakota? Four words: The Bakken Shale Formation.

Referred to as “Kuwait on the Prairie” by The New Yorker in an April 2011 feature story and located predominately in northwest North Dakota, the shale formation possesses a vast amount of both oil and methane gas, gathered via the notorious fracking process. Recognizing the economic opportunities that the formation would present to fossil fuel corporations, the U.S. Energy Information Administration penned a report in November 2006 titled “Technology-Based Oil and Natural Gas Plays: Shale Shock! Could There Be Billions in the Bakken?”, highlighting them in some depth.

The report opens on this note:

“The Bakken Formation…is a success story of horizontal drilling, fracturing, and completion technologies…success came from analysis of geologic data on a decades-old producing area, identification of uptapped resources, and application of the new drilling and completion technology necessary to exploit them.”

In short, the Bakken Shale, like the Marcellus Shale, Haynesville Shale, Eagle Ford Shale, Barnett Shale, Fayetteville Shale, and other shale basins, is big business for big methane gas drilling corporations.

Even more importantly in this case is the fact that CNBC is a subdivision of NBC, which is owned by General Electric (GE).

The General Electric Economic Stake in the Bakken Shale

On February 10, the Associated Press reported that GE Energy Financial Services formed a partnership with Sequel Energy LLC, whose headquarters are in Denver, Colorado.

The partnership’s purpose was to acquire oil and gas reserves located in the Williston Basin, where the Bakken Shale is located, from St. Mary Land & Exploration Co., for $137 million.

AP reported, “The companies declined to disclose the size of the reserves but said they are in producing fields. Other financial and operational details were not disclosed.”

The press release on CNBC’s preview of Cramer’s visit to the Bakken Shale reads,

CNBC … will cover this story from all angles focusing on jobs, technology, infrastructure and the American pioneer spirit, among other topics.”

Cramer, a de facto employee of GE, which has a direct economic stake in his cheerleading rather than objective reporting, will most likely cover the “mad money” that could be made by a small handful of rich corporations, including his own, from exploitation of the Bakken Shale.

In all likelihood, though, he will not cover the angle most inconvenient to the methane gas industry – the multitude of ecological perils inherent in fracking for gas and burning it.

Don’t expect to hear much about that in this edition of Cramer’s “Invest in America” series at the Bakken Shale.

Comments

Communities will fight back when they see the damage that fracking does to their drinking water. As a result, many communities will ban fracking within their city limits. Cities, counties, and other local governments might get into nasty court battles as a result, forcing fracking bans in some localities. They will also sue companies like Sequel Energy. When that happens, Jim Cramer will realize that investing in fracking is like investing in Bear Stearns. And he might even have to face the wrath of Jon Stewart again for this.

“Communities will fight back when they see the damage that fracking does to their drinking water.”

The fact that there has never been one single documented case of fracking ever contaminating anybody’s drinking water may be a bit of a problem for your little narrative here.

[NOTE: d’Smogblog keeps deleting this comment and banning my IP address so that I can’t repost it. Another brilliant PR company strategy! What are they trying to hide? What are they afraid of?]

”[NOTE: d’Smogblog keeps deleting this comment and banning my IP address so that I can’t repost it. Another brilliant PR company strategy! What are they trying to hide? What are they afraid of?]”

They are trying to hide your shite, what do you expect? I mean, you impersonate me & post anti Semitic crap & other inflammatory comments. You post under several pseudonyms inserting stupid jibes here & there. You admit openly that you are a troll:

http://www.desmogblog.com/sp-downgrades-planet-earth-citing-unbalanced-carbon-budget-reckless-political-debates-and-role-deniers#comment-721720

“Why do people come here?

To laugh in your face and rub your nose in it, that’s why.

Compared to what you idiots have got coming to you, it’s really nothing, considering the irreparable economic damage your fraudulent shennanigans have caused.

Expect more of it, and worse.”

And you expect that your comments, which barely pass as a fly blown turd, be published? You have nothing to add to this site. You have no constructive arguments. The mods are doing us a service on a blog that is mostly uncensored. Your comments must be pure invective.

Desmog has come up big in the anti gas/fracking campaign but it’s dropping the ball on shale oil. Wealth and energy must be stopped. There is a serious danger of prosperity. http://energeopolitics.com/2011/08/23/pre-development-of-huge-utah-oil-shale-block-begins-energy/

“Wealth and energy must be stopped. There is a serious danger of prosperity. ”

That is a red herring. Proponents of the AGW are just as happy for people to become fabulously wealthy off cleantech solutions. It’s nothing personal, but fossil fuels are damaging the planet & for the good of all, like we did with CFC’s & the Ozone, they have to go.

“Energy must be stopped” …?!

We are advocating more energy, cheaper, more abundant, sustainable & it many cases free. Fossil fuels will never be able to supply your home with free energy.

Because clearly….fossil fuels have wiped the debt of the USA & Canada , while keeping most of the country employed…..not. Where is the prosperity except for those at the top of those fossil fuel companies?

It would be really great if solar and wind could live up to it’s hype. If it ever does, I’ll be a cheerleader. Big corporations would be in the lead developing it big time if it would give a decent return on investment. It doesn’t. They do what works which involves drilling holes in the ground.

The debt is not a consequence of fossil fuels. The debt is a result of government spending beyond revenue. It’s a liberal thing. Put it on the credit card. Throwing around money is fun.

Energy from the ground has made us all rich. We all drive nice cars and go on nice vacations. Many of us have plenty of leisure time. It’s all from drilling holes.

Racist! How dare you?!

“The debt is a result of government spending beyond revenue. It’s a liberal thing. Put it on the credit card. Throwing around money is fun. ”

What a crock. The debt has consistently exploded under and because of Republican spending. Or have you conveniently forgotten Dick Cheney saying:

“You know, Paul, Reagan proved deficits don’t matter,” .

Deficits - it’s a Republican thing. And easily proved by looking at the deficit growth under Republican presidents, and not Democrats. (Until Obama)

which only proves repubs are another brand of liberals

Yeah, because spending hasn’t increased one little bit under Ogabe.

Give your head a shake.

Ummmm . Jonney

Go do some homework. Solar panels have a hard life span of 20 years or less.
Then you have to replace them.

They are NOT a good buy.

Phil;

I dare you to spend 15 minutes at “thegreenagenda.com” reading some of the well sourced and linked quotes.

Then return and see if you can make such a bold and silly statement again.

The Greenies definately DO NOT want anyone to be wealthy or have abundant cheap energy.
They want to reduce the economy back to a controllable poor socialist and welfare dependant level so that they can harvest our labour.

“I dare you to spend 15 minutes at “thegreenagenda.com” reading some of the well sourced and linked quotes.”

I did. Now can I get that 15 minutes back please? That has to be one of the worst conspiracy sites I have ever seen. Barely a reference & the references it DOES have, point to other conspiracy sites/blogs/books as evidence. There is also no other evidence of those quotes besides on other woo sites.

The author is so brave…..that he doesn’t put a name to all the lies. There is just a yahoo contact address. Appalling. More paranoid rants about one of conspiracy theorists favourites….THE ONE WORLD GOVERNMENT!!!

Headed by the Rockerfellers, Warburgs, Morgans, Rothchilds & of course…the obligatory Al Gore, because his mighty kung fu fist of power smites all!!!. Who are going to march over to India, China & the Arab world & say “goddamit ya varmints, we are Americans, rich Americans & we are here to take over, we need your country for our global government”

The Arabs & Chinese throw their hands in the air in celebration & cheer “Yay for the Americans, they will rule us with an iron fist, but a kind iron fist & make themselves wealthy at our expense, hurrah! They are true masters at economics”

“The Greenies definately DO NOT want anyone to be wealthy or have abundant cheap energy.”

Ok, that statement confuses me & every time I ask you guys for an explanation you run….so please don’t run. Stick around, I like this game.

If the greenies don’t want anyone to be wealthy, then why do deniers say that Al Gore just wants to make billions off his green investments? Cognitive dissonance? You think the people investing in clean tech are doing so….in the hope that someone will come & take all their wealth away?

“They want to reduce the economy back to a controllable poor socialist and welfare dependant level so that they can harvest our labour.”

No, that’s just indoctrinated conservative paranoia.

Greenie socialist plotter: “Err, China, we would like to rule you & impose socialism on you…er..okay?”

Chinese government spokesman: “Ummmm, we own most of your bonds, you are in debt to us for trillions, oh & did I mention….we already have communism & um, we seem to be doing ok compared to you. How is your proposal good?”

I can see why you like that site though. A site for the easily led to goop up lies.

Communism produces poverty. Capitalism produces wealth.
North Korea, South Korea

China has sufficiently embraced capitalism to the point where they have lots of rich people. They have a long way to go to eliminate poverty. Communism is holding them back.

Socialism is Communism lite. It erodes wealth.

The US has sufficiently embraced socialism to become mired in deep debt.

Governments cannot create wealth.

I work for a rich (some might say greedy) capitalist and yet I have better clothes than her and drive a newer car than her and I live in a comparable apartment.

We need rich successful people who know how to create wealth.

I also have more leisure time than her as you may have guessed.

“Communism produces poverty. Capitalism produces wealth.”

If that were true Rick, then China would not be on the way to becoming the next super power.

“China has sufficiently embraced capitalism to the point where they have lots of rich people.”

They are still a communist country & it negates your first point. Are they poor or rich?

“They have a long way to go to eliminate poverty. ”

They have a population of 1.3 BILLION. Of course they have. You could drop the population of the USA into China & lose it. The USA still has a long way to go to eliminate poverty.

“Socialism is Communism lite. It erodes wealth. ”

You are just parroting what you have heard living in a western capitalist country. If that were true, they would not now be the world banker, where most western countries went to during the GFC to beg cap in hand for money.

“The US has sufficiently embraced socialism to become mired in deep debt. ”

The US like other western countries with the “put it on the credit card” mentality, is mired in debt BECAUSE of capitalism. Remember bailing out the banks?

“We need rich successful people who know how to create wealth.”

Seems to work just as well in China under communism as it does in western countries under capitalism.

No, China isn’t pure communism. If it was they would just be a bigger North Korea. I’ve met plenty of rich Chinese businessmen, and such a creature isn’t permitted under pure communism. Chinas leaders are smart enough to allow individual success.

Of course the larger issue is that humans screw up every concept of government and in the end nothing really works anyway. We humans are useless at governing other humans. We do well with goldfish though.

“No, China isn’t pure communism.”

Rick, we have got a little side tracked here. We digress from my original point & that of the green agenda site. That there is a plot for a one world government. I will come back to the communism point in a sec.

Do you honestly believe countries or billionaires in countries hostile to the US or other suspected club of rome, bilderberg etc members will just roll over & give up their power & control to a bunch of American & European billionaires? I mean really, the arrogance is just incredible. Arab, Asian, Indian & south American countries will just hand over control?

There is no communist/socialist/one world government plot. Its just unrealistic paranoia. Do you believe there is a plot for a one world government & scientists around the world are colluding on behalf of the club of rome or bilderberg groups?

Now back to the communism discussion & China.

“No, China isn’t pure communism.”

The USA isn’t pure capitalism either. Ever heard of welfare, medicare, public schools, libraries, police, fire, ambulance, agrarian socialism, subsidies? The USA practices mixed government. Likewise, China practices mixed government. Don’t forget that the economy & the rules of the economy are set by the government & not the private sector. It is the government in charge in China & they are a communist government. There is only one party & no elections. They could take it all away tomorrow if they wished being a communist government. There would be no election or referendum on the matter.

“If it was they would just be a bigger North Korea.”

Nth Korea is largely an oligarchy. Comparing the 2 is like comparing the USA to Ireland, or Iceland, or Greece ( maybe Portugal, Spain & Italy too soon) who have all bankrupted & had to be bailed out, but are capitalist countries. It doesn’t always work.

“China’s leaders are smart enough to allow individual success. ”

The USA is smart enough to realise that some people need welfare & that the government needs to supply water, roads, police etc. It’s not pure capitalism.

“Of course the larger issue is that humans screw up every concept of government and in the end nothing really works anyway. We humans are useless at governing other humans.”

I agree with you there. I think communism/socialism/capitalism & libertarianism all have positives & negatives to differing degrees, but on their own, they they are completely flawed & open to abuse.

On one world government - the trend has been the opposite - there are many more countries now than there were 100 years ago.

Governments are perfectly capable of evil without joining up with others and no governing entity wants to give up power to some central authority.

That said, governments do sign on to pacts and agreements when they believe it improves their position in some way.

So if an issue could be found where world governments could sign onto a pact of some sort that would establish rules where some central body is given international authority, then you would have some sort of one world government.

It only happens if all those meeting at the table believe that such a set up ultimately improves their individual positions.

I think the climate change issue is trying but ultimately failing to be that issue. Something else will come along.

“On one world government - the trend has been the opposite - there are many more countries now than there were 100 years ago.”

Exactly. All with very different & often opposing cultures & religions that not only compete economically, but compete religiously as well. The crusades are just called different things today.

Could you imagine Palestine, or Iran, or Syria joining this one world gov, if there was an imbalance of westerners? Would Americans do the same if the position was reversed? What if it was headed by delegates where the majority were members were from Russia, China, Iran, Syria, Cuba etc & Americans & Europeans had a minority seat?

“That said, governments do sign on to pacts and agreements when they believe it improves their position in some way.”

Yes, a few may form an alliance but globally? ThE UN is a farce, because countries can ignore it’s authority like GWB did with Iraq. So Iraq & it’s allies would certainly not like a pact initiated by the USA.

“establish rules where some central body is given international authority”

Like Russia or China?

“I think the climate change issue is trying but ultimately failing to be that issue.”

The fix for climate change is just a request to change our energy source, not government. Those who have abundant fossil fuels will be less receptive to that idea & those without any fossil fuel resources will be receptive to the new energy sources.

It’s like if scientists said tomorrow that sugar use must be stopped in 5 years & we have to get our sweetening from elsewhere. Those countries with all the sugar cane will say “no way, they have it wrong, we need much more research on the matter”. And those with no sugar cane will say “yeah, we can work with that”.

“Something else will come along.”

If an asteroid was going to hit the planet or a virus was going to wipe us all out. People would amazingly co operate & forget their hostilities toward each other. It’s sad how it’s only disasters that unite us. Even then, there are arseholes that choose to exploit the situation.

Nice try Phil…. but that is fo course a lie.

All those quotes are sourced and referenced.

Others will be able to find them on the sources page even if you werent smart enough to.

“All those quotes are sourced and referenced.

Others will be able to find them on the sources page even if you werent smart enough to.”

Yes they are sourced & referenced…….to sources on other denier & conspiracy blogs. The sites that ARE reputable, don’t even mention what the green agenda is talking about.But hey, lets lead the readers decide for themselves. Here are the references.

http://green-agenda.com/quoterefs.html

If you actually click on any of the links there, they either :

a) paraphrase & don’t directly quote the person in question.
b) don’t mention anything at all in regards to the quotes.
c) Broken links .
d) Or they are made up & exist only on conspiracy websites.

“Others will be able to find them on the sources page even if you werent smart enough to.”

Why couldn’t you just post the link & let others decide? What was there to hide?…..Oh yeah….the truth.

Do you realise that the computer you just typed that on was made possible by the petroleum industry? Next time you want to share a bog about not using energy scribe it in stone and distribute it to us by foot!

This asshole has been a self-absorbed self-appointed stock-picking genius for the past two decades. He represents all that is rotten in America and the “american way of life”. I know this guy. A veritable monster. Ignore him and just maybe hell give up and blow away.

This asshole has been a self-absorbed self-appointed stock-picking genius for the past two decades. He represents all that is rotten in America and the “american way of life”. I know this guy. A veritable monster. Ignore him and just maybe hell give up and blow away.

Oh dear. Sounds like someone’s jealous.

Oh my….

Phil’s true color is finally out.

He is actually trying to defend communism/socialism.

Clearly he is demented. That explains all his other nonsense.

“Phil’s true color is finally out.

He is actually trying to defend communism/socialism.”

Plant Food, I run a small business . I very much enjoy the fruits of my hard work. Your comment is pure McCarthyism.

Capitalism is fine if everyone is honest & does the right thing. But we both know it’s open to abuse. Tax evasion, cooking the books,market manipulation, monopolies, land banking, predatory practices, hostile takeovers, ponzi schemes etc. It’s not all sunshine & rainbows.

I might prefer capitalism, but it doesn’t mean I just ignore all the faults either.

I am a retired Oil and Gas exec. I now consult in competition to oil and gas companies, sitting on the opposite side of them in contract negotiations. Fracking has been taking place since the 1940s and it is safe, very safe in the major shale plays. If you choose to ignore facts, then go ahead and show your ignorance and lack of knowledge on the subject. But, the fact is that when you frac a well at a depth of 1.5-2.0 miles beneath an aquifer, there are thousands of feet of rock between the oil or gas producing formation and aquifer. The only way for oil or gas to enter the aquifer if through the well bore, and that is steel casing encased in cement for thousands of feet. There is no way, repeat, no way for oil or gas to enter the aquifer thru the well bore UNLESS some unscrupulous wildcatter improperly drills the well. That wont happen because the economic consequences are far too great. The only solution to our countrys dependence on foreign oil is to produce the energy ourselves. This will create hundreds of thousands of jobs, improve the environment by using natural gas in place of high-polluting diesel, greatly reduce our international trade deficit, and thereby create a boom in our economy that we have not realized since the 80s. This will also strengthen our national security because we will be less inclined to get involved in the Middle East. Theres something for everyone. Lower pollution for the environmentalists, jobs for the unemployed, more taxes for the politicians to waste, and better security for all Americans.

Are you a bot?

“I now consult in competition to oil and gas companies, sitting on the opposite side of them in contract negotiations.”

Opposite them doing what?

“There is no way, repeat, no way for oil or gas to enter the aquifer thru the well bore UNLESS some unscrupulous wildcatter improperly drills the well.”

Obviously, this must be happening , otherwise, how do you account for all the first hand reports? Is it a concerted effort amongst people across the globe to invent findings & oppose fracking just for the fun of it?






 

Ummmmmm, blazer appears to be a fossil fuel bot. No answer Blazer? Persona management  software?

I gave you the benefit of the doubt, but it appears my first hunch was right. A fossil fuel propaganda bot. Vote -1.







 

[x]

Heather Zichal, former Obama White House Deputy Assistant to the President for Energy and Climate Change, may soon walk out of the government-industry revolving door to become a member of the board of directors for fracked gas exports giant Cheniere, who nominated her to serve on the board. 

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