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Mon, 2013-11-18 05:00Sharon Kelly
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George W. Bush on Keystone XL: "Build the Damn Thing"

Make private companies happy. Don’t worry about the environment. Stop fretting about long-term sustainability. Forget renewables, property concerns, the safety of our water and air. Make private companies happy.

This was the 43rd president's message to the current administration at the DUG East conference held by the shale gas industry on Thursday.

With characteristic bluntness, George W. Bush spoke his mind on energy policy to several thousand oil and gas executives gathered in Pittsburgh at an exclusive luncheon on Wednesday.

“I think the goal of the country ought to be 'how do we grow the private sector?'” Mr. Bush said. “That ought to be the laser-focus of any administration. And therefore, once that’s the goal, an issue like Keystone pipeline becomes a no-brainer.”

“If private sector growth is the goal and Keystone pipeline creates 20,000 new private sector jobs, build the damn thing,” Mr. Bush said, prompting a burst of applause from the more than 4,000 oil and gas executives attending the conference.

In his candor, Mr. Bush also highlighted the essence of what burns bright but short in the fossil-fuel doctrine.

In emphasizing a get-it-now, don’t-worry-about-the-future approach to energy, he drove home why the Keystone XL pipeline has become such a lightning rod issue. The reason: it is symbolic of the overall short-sightedness of increasing our long-term addiction to oil rather than pushing with urgency toward renewable energy.

Tue, 2013-02-19 09:00Steve Horn
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Reports: Shale Gas Bubble Looms, Aided by Wall Street

Two long-awaited reports were published today at ShaleBubble.org by the Post Carbon Institute (PCI) and the Energy Policy Forum (EPF)

Together, the reports conclude that the hydraulic fracturing (“fracking”) boom could lead to a “bubble burst” akin to the housing bubble burst of 2008.

While most media attention towards fracking has focused on the threats to drinking water and health in communities throughout North America and the world, there is an even larger threat looming.  The fracking industry has the ability - paralleling the housing bubble burst that served as a precursor to the 2008 economic crisis - to tank the global economy.

Playing the role of Cassandra, the reports conclude that “the so-called shale revolution is nothing more than a bubble, driven by record levels of drilling, speculative lease & flip practices on the part of shale energy companies, fee-driven promotion by the same investment banks that fomented the housing bubble…” a summary details. “Geological and economic constraints – not to mention the very serious environmental and health impacts of drilling – mean that shale gas and shale oil (tight oil) are far from the solution to our energy woes.”

Thu, 2013-01-24 10:26Steve Horn
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Smoke and Mirrors: Obama DOE Fracked Gas Export Study Contractor's Tobacco Industry Roots

At first, it was kept secret for months, cryptically referred to only as an “unidentified third-party contractor.”

Finally, in November 2012, Reuters revealed the name of the corporate consulting firm the U.S. Department of Energy (DOE) hired to produce a study on the prospective economic impacts of liquefied natural gas (LNG) exports.

LNG is the super-chilled final product of gas obtained - predominatly in today's context - via the controversial hydraulic fracturing (“fracking”) process taking place within shale deposits located throughout the U.S. This “prize” is shipped from the multitude of domestic shale basins in pipelines to various coastal LNG terminals, and then sent on LNG tankers to the global market

The firm: National Economic Research Associates (NERA) Economic Consulting, has a long history of pushing for deregulation. Its claim to fame: the deregulation “studies” it publishes on behalf of the nuclear, coal, and oil/gas industry - and as it turns out, Big Tobacco, too.

Sun, 2012-01-15 10:48Evan Leeson
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Ethical Oil, the Sub-Prime Mortgage Scandal and The Next Great Generation

We are living in difficult times. The ongoing economic crisis started by the 2008 Sub-Prime Mortgage Scandal has all of us thinking about our future. We are vulnerable to unethical appeals to our anxiety in the form of quick fixes and easy profits. The promise of “Ethical Oil” is the worst of these appeals. We have to resist. Even more, we have to take decisive actions that the current leadership will not. To quote a famous man, we have an ordeal before us of the most grievous kind and we need a new generation of leadership to tackle it. We need the next Great Generation.

In 2008, world financial markets collapsed in dramatic fashion due to unethical investment practices, particularly in the previous five years. Toxic subprime mortgages had been injected like a virus into securities like Collateralized Debt Obligations (CDOs). Investment banks around the world were in on this scam and kept pushing it far beyond the point where it was obvious something had to give. Last year, the U.S. Financial Crisis Inquiry Commission concluded:

“the crisis was avoidable and was caused by: Widespread failures in financial regulation, including the Federal Reserve’s failure to stem the tide of toxic mortgages; Dramatic breakdowns in corporate governance including too many financial firms acting recklessly and taking on too much risk; An explosive mix of excessive borrowing and risk by households and Wall Street that put the financial system on a collision course with crisis; Key policy makers ill prepared for the crisis, lacking a full understanding of the financial system they oversaw; and systemic breaches in accountability and ethics at all levels.“

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