wall street journal

SEC Charges "Frack Master" Chris Faulkner, Shale CEO and Industry Advocate, with $80 Million Fraud

At the start of June, Chris Faulkner, Chief Executive Officer of Breitling Energy, was a high-flying shale company executive and media darling, often interviewed on CNN, Fox Business News and even the BBC. During his most recent appearance on CNN on June 2nd, he weighed in on the financial prospects for drillers who survive low oil prices despite the spate of bankruptcies sweeping the shale industry.

It was hardly the first time the Texas oilman aired his views on the national stage. “The era of coal is coming to an end,” Mr. Faulkner told The New York Times in June 2014. “We are entering the era of natural gas.”

“Instead of rejecting promising new energy-extraction techniques, citizens should work with responsible energy companies to preserve the benefits of fracking, while stamping out current abuses,” he said in the Wall Street Journal in August of the same year.

Wall St. Journal Shows Why It Is Under Attack For Climate Science Denial By Publishing Another Dodgy Column

The Wall Street Journal has been spiced up substantially recently thanks to a series of adverts on its own pages attacking the paper’s slanted coverage on climate science.

The Washington Post has reported on the background to the advertisements and the group running them — the Partnership for Responsible Growth (PRG).

But basically, it goes like this.  PRG analysed a couple of decades of content from the Rupert Murdoch-owned newspaper and found it stunningly out of step with mainstream science, while being remarkably in step with the talking points of fossil fueled climate denialist think tanks and the views of Murdoch himself.

PRG analysed 201 WSJ editorials going back to 1997 and found not a single one of them acknowledged that fossil fuels cause climate change. This is like writing a couple of hundred articles on lung cancer without ever mentioning cigarettes.

The story was largely the same when PRG looked at columns and op-eds published by the paper.  Of the 279 op-eds published since 1995, just 40 reflect mainstream climate science, or 14 per cent. Of 122 columns published since 1997, only three per cent accepted as fact that fossil fuels cause climate change, or endorsed a policy to cut emissions.

All up, of the 602 op-eds, columns and editorials published since 1995, just 44 “treat fossil fuel-driven climate change as a reality”, the analysis found.

Big Oil Argued for U.S. Crude Exports to Fend Off Iran, But First Exporter Vitol Group Also Exported Iran's Oil

The American Petroleum Institute (API) successfully lobbied for an end to the 40-year ban on exporting U.S.-produced crude oil in part by making a geopolitical argument: Iran and Russia have the ability to export their oil, so why not unleash America?

What API never mentioned — nor the politicians parroting its talking points — is that many of its member companies maintain ongoing business ties with both Russia and Iran.

And The Vitol Groupthe first company set to export U.S. crude after the lifting of the ban (in a tanker destined for Switzerland), has or had its own ties to both U.S. geopolitical rivals.

"Miracle of American Oil": Continental Resources Courted Corporate Media to Sell Oil Exports

A document published by the Public Relations Society of America, discovered by DeSmog, reveals that from the onset of its public relations campaign, the oil industry courted mainstream media reporters to help it sell the idea of lifting the ban on crude oil exports to the American public and policymakers.

Calling its campaign the “Miracle of American Oil,” the successful PR effort to push for Congress and the White House to lift the oil exports ban was spearheaded by Continental Resources, a company known as the “King of the Bakken” shale oil basin and founded by Harold Hamm. Hamm served as energy advisor to 2012 Republican Party presidential candidate Mitt Romney.

American Petroleum Institute Touts Oil Exports to Fend Off Iran, Russia Despite API Members Tied to Both Countries

The American Petroleum Institute (API) has launched a new advertising campaign in its ongoing push to oust the U.S. oil exports ban in place since 1975.

One of the most recent ads, titled “Crude Oil Exports and National Security” on YouTube, starts off with ominous music and asks, “Who loves the ban on U.S. crude oil exports?” The answer, says API, is “Iran and Russia, not exactly our best friends.”

Not mentioned: both countries currently maintain business ties with API's dues-paying members.

Global Shale Fail: Oil Majors Leaving Fracking Fields Across Europe, Asia

With some analysts predicting the global price of oil to see another drop, many oil majors have deployed their parachutes and jumped from the hydraulic fracturing (“fracking”) projects rapidly nose-diving across the world.

As The Wall Street Journal recently reported, the unconvetional shale oil and gas boom is still predominantly U.S.-centric, likely to remain so for years to come.

“Chevron Corp., Exxon Mobil Corp. and Royal Dutch Shell PLC have packed up nearly all of their hydraulic fracturing wildcatting in Europe, Russia and China,” wrote The Wall Street Journal.

“Chevron halted its last European fracking operations in February when it pulled out of Romania. Shell said it is cutting world-wide shale spending by 30% in places including Turkey, Ukraine and Argentina. Exxon has pulled out of Poland and Hungary, and its German fracking operations are on hold.” 

Though the fracking boom has taken off in the U.S. like no other place on Earth, the U.S. actually possesses less than 10 percent of the world’s estimated shale reserves, according to The Journal.

Despite this resource allotment discrepency, the U.S. Energy Information Administration (EIA) recently revealed that only four countries in the world have produced fracked oil or gas at a commercial-scale: the United States, Canada, China and Argentina.

Global Shale Fail
Image Credit: U.S. Energy Information Administration

Denial For Hire: Richard Lindzen Cites Debunked Science to Defend Willie Soon in Wall Street Journal

This is a guest post by Climate Nexus that originally appeared at Huffington Post

Richard Lindzen, an MIT professor and longtime climate contrarian, turned to the Wall Street Journal to rehash a series of oft-disproved claims that deny the growing and now unequivocal evidence of climate change, all in defense of a fellow “skeptic” whose ties to fossil fuels have called into question the impartiality of his science.

Lindzen's arguments are a greatest-hits of climate denial, repeatedly and effectively disproved for years. He uses these easily dismissed arguments to defend what's left of the academic integrity of Wei-Hock “Willie” Soon against questions raised by members of Congress, who heard testimony from Soon without disclosure that he was being paid by fossil-fuel interests.

Lindzen's writing contained multiple errors or omissions. He:

•  Ignored the accuracy of climate models over the long term

•  Confused the impact of the sun on observed warming, long studied and long ago disregarded

•  Dismissed multiple lines of evidence by claiming clouds would offset warming

•  Glossed over the egregious breach of ethics in Soon's lack of disclosure of over $1 million in funding from fossil fuel interests

•  Mischaracterized as threatening an attempt to identify improper industry influence on studies and Congressional testimony

Fossil Fuel Industry Funds Study That Concludes Fossil Fuel Divestment Is A Bad Idea

As of September 2014, 181 institutions and local governments as well as 656 individual investors representing more than $50 billion in assets had pledged to join the growing fossil fuel divestment movement, which seeks to take investments away from the oil, gas and coal companies that are cooking our atmosphere and reinvest that money in the development of a low-carbon economy.

This has, understandably, caused quite a bit of alarm amongst the fossil fuel set.

Enter Daniel Fischel, chairman and president of economic consulting firm Compass Lexecon, who recently published an op-ed in the Wall Street Journal called “The Feel-Good Folly of Fossil-Fuel Divestment” in which he discussed the findings of a forthcoming report that “indicates that fossil-fuel divestment could significantly harm an investment portfolio.”

Fischel goes out of his way to appear to have the interests of the poor universities called on to divest at heart: “Every bit of economic and quantitative evidence available to us today shows that the only entities punished under a fossil-fuel divestment regime are the schools actually doing the divesting,” he concludes.

You had to get past the WSJ’s paywall and then read to the bottom of the piece before you got to the most salient point: “The report discussed in this op-ed, ‘Fossil Fuel Divestment: A Costly and Ineffective Investment Strategy,’ was financed by the Independent Petroleum Association of America.”

Bjørn Lomborg Sings WSJ’s Same Old Climate Change Song: Don’t Worry, Be Happy

This is a guest post by Climate Nexus.

Bjorn Lomborg’s latest op-ed in the Wall Street Journal resurrects repeatedly demolished distortions of fact to downplay the real and increasingly documented threats of climate change. His trademark tactic is to acknowledge that climate change is real and human-caused, only to then dismiss the solutions—reducing emissions and promoting clean energy now—as unnecessary or infeasible.

Fortunately, his longstanding fight against climate action is failing to persuade the public, as an overwhelming majority of Americans understand that climate change is a serious threat and that we’re already feeling the impacts. More to the point they support action to reduce greenhouse gas emissions, especially through continued expansion of clean energy and new rules for coal-fired power plants.

Mr. Lomborg has relied on similar distortions for his arguments many times before, even drawing censure from the Danish government for his “perversion of the scientific method.”

After the release of Lomborg’s “deeply flawed” book The Skeptical Environmentalist, the president of the American Association for the Advancement of Science remarked that Lomborg’s work was a testament to the “vulnerability of the scientific process…to outright misrepresentation and distortion.” One researcher decided to fact check Lomborg’s claims, and had so much material that Yale published it as a book: The Lomborg Deception. In the book, Lomborg’s many sloppy citations and misleading myths are thoroughly debunked, but that hasn’t stopped him from repeating the same general arguments in years since.

When it comes to climate, he insists over and over: Don’t worry, be deceived.

The Facts:

Wall Street Journal Tries to Pour Cold Water On Growing International Climate Action

Climate change

This is a guest post by Climate Nexus.

A recent opinion piece in The Wall Street Journal by Rupert Darwall paints efforts to address climate change through international policy as doomed from the start, ignores recent progress and dismisses mounting public support for action. 

As countries negotiate in Lima, Peru, this week, long-time climate change skeptic Rupert Darwall seizes the moment to rehash tired critiques of past international efforts on climate.

In fact, the U.S.-China deal will deliver real reductions in greenhouse gas emissions, the costs of climate impacts clearly outweigh the costs of climate change mitigation and initial national pledges to the Green Climate Fund are meant to spur additional, substantial private sector investment.

Pages

Subscribe to wall street journal