Unitah Basin

Mon, 2013-10-07 18:01Steve Horn
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Frank Giustra, President Bill Clinton's Close Colleague, Joins US Oil Sands Board

Frank Giustra - key power broker and close colleague of former President Bill Clinton - has taken a seat on the Board of Directors of U.S. Oil Sands, an Alberta-based company aiming to develop tar sands deposits in Utah's Uintah Basin. **UPDATE: Although he was named a prospective appointee to the Board, Mr. Giustra ultimately declined the position, citing “other commitments.”**

U.S. Oil Sands - in naming several new members to its Board - also announced it has received $80 million in “strategic financing” from Blue Pacific Investments Group Ltd., Anchorage Capital Group, L.L.C. and Spitfire Ventures, LLC.

The funding will help get the ball rolling on “tar sands south,” a miniature but increasingly controversial version of its big brother to the north, the Alberta tar sands. Giustra will likely help in opening the right doors for tar sands industry interests in the United States. 

Giusta is best known for his work in the worlds of uranium mining and minerals mining, though he has dabbled in the Alberta tar sands finance world once before, lending upwards of $20 million in capital to Excelsior Energy. He serves as CEO and President of Fiore Financial Corporation. 

Founder and Director of the Radcliffe Foundation and Co-Director of the Clinton Giustra Enterprise Partnership (formerly known as the Clinton Giustra Sustainable Growth Initiative), Frank Giustra has maintained close ties with Bill Clinton since 2005.

The Clinton Giustra Sustainable Growth Initiative is an arm of the Bill, Hillary, and Chelsea Clinton Foundation (the Clinton Foundation). Giustra sits on the Clinton Foundation's Board of Trustees.

Sun, 2013-10-06 21:16Steve Horn
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NY Times' Joe Nocera Overlooks Key Flaws in EDF Fracking Climate Change Study

Yesterday, New York Times' columnist Joe Nocera weighed in on the study by Environmental Defense Fund (EDF) and University of Texas-Austin (UT-Austin) on the climate change impacts of hydraulic fracturing (“fracking”)DeSmogBlog got a special mention in Nocera's op-ed titled, “A Fracking Rorschach Test.” 

Nocera praised UT-Austin Professor David Allen and colleagues for obtaining what he claimed was “unassailable data” on fugitive methane emissions and fracking's climate change impact potential. 

“The reason the Environmental Defense Fund wanted this study done is precisely so that unassailable data, rather than mere estimates, could become part of the debate over fracking,” wrote Nocera. “You can’t have sound regulation without good data.”

Missing from Nocera's praise: new findings by the Intergovernment Panel on Climate Change in their latest comprehensive review of the climate crisis.

IPCC revealed “over a 20-year time frame, methane has a global warming potential 86 [times the amount of] CO2, up from its previous estimate of 72 [times],” as explained by Climate Progress' Joe Romm.

In juxtaposition, Nocera dismissed DeSmog's criticisms of the study - one we referred to as “frackademia.” 

Simplifying the crux of my 3,000-word DeSmog critique and the 800-word follow-up as “because the nine companies involved had both cooperated and helped pay for it,” Nocera then rhetorically asks “why a study that necessitated industry cooperation and money is inherently less valid than a study produced by scientists who are openly opposed to fracking was left unanswered.”

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