fracking

Former Shale Gas CEO Says Fracking Revolution Has Been 'A Disaster' For Drillers, Investors

Read time: 10 mins

Steve Schlotterbeck, who led drilling company EQT as it expanded to become the nation’s largest producer of natural gas in 2017, arrived at a petrochemical industry conference in Pittsburgh Friday morning with a blunt message about shale gas drilling and fracking.

The shale gas revolution has frankly been an unmitigated disaster for any buy-and-hold investor in the shale gas industry with very few limited exceptions,” Schlotterbeck, who left the helm of EQT last year, continued. “In fact, I'm not aware of another case of a disruptive technological change that has done so much harm to the industry that created the change.”

While hundreds of billions of dollars of benefits have accrued to hundreds of millions of people, the amount of shareholder value destruction registers in the hundreds of billions of dollars,” he said. “The industry is self-destructive.”

Will Ohio River Get Optional Pollution Limits as New Fracking-Reliant Plastics Industry Moves in?

Read time: 10 mins
Shell's petrochemical and plastics plant in Potter Township, Pennsylvania

Tomorrow, June 6, in Covington, Kentucky, a routine quarterly meeting of the Ohio River Valley Water Sanitation Commission (ORSANCO), an eight-state compact responsible for setting water pollution control standards for the 981-mile Ohio River, is expected to fall under unusual scrutiny from both industry and environmentalists.

ORSANCO is considering a proposal to make its water pollution standards — designed to coordinate pollution rules the length of the river — voluntary amid a brewing battle over the fate of a river that’s both the source of drinking water for 5 million people and central to the petrochemical industry’s plans for a new fossil-fueled plastics manufacturing network.

Warren Buffett, Fear, and Greed in Fracked Oil Fields 

Read time: 7 mins
Oil pumpjack at sunset

Warren Buffett, CEO of investment holding company Berkshire Hathaway, is considered one of the top investors in history and can back up that track record with a personal wealth of around $90 billion. Buffett is known for advising investors to be “fearful when others are greedy and greedy when others are fearful.” 

In the U.S. fracked oil industry, this month can be read like a textbook version of Buffett’s fear and greed adage. The shale industry showed plenty of signs of fear while Buffett made a massive “greedy” bet on the future of the Permian Shale in Texas and New Mexico, assuming it will produce oil profitably and investing $10 billion in Occidental’s purchase of shale producer Anadarko.

In Some Pennsylvania Pro-Fracking Corners, Name-calling, False Claims, and Swastika-Laden Images Circulate

Read time: 9 mins
Marcellus Drilling News screenshot of story decrying the Pennsylvania Medical Society and using a swastika graphic

Cabot Oil and Gas is a shale drilling company that, according to state regulators, botched its shale gas extraction operations in an area around Carter Road in Dimock, Pennsylvania, about a decade ago.

Cabot has for years fought liability for locals’ contaminated water supplies and has remained in legal disputes long after reaching secret settlements with many Carter Road residents that reportedly included non-disclosure agreements.

Outside a courthouse not far from Dimock, a Cabot spokesman recently claimed that people complaining about water contamination from fracking were actually paid imposters, an unsubstantiated claim quickly echoed in pro-gas circles.

US Fracked Gas Imports to EU Could ‘Take World Far Beyond Safe Climate Limits’, Campaigners Warn

Read time: 2 mins
Port of Rotterdam

Environmental activists representing more than 200 organisations have called on the EU and the US to put an end to a booming transatlantic trade in fracked gas or face “taking the world far beyond safe climate limits”.

In an open letter to the EU Climate Commissioner Miguel Arias Cañete and US Energy Secretary Rick Perry, campaigners warn that the continued use and import of fracked gas “torpedoes critical climate targets and violates basic human rights”.

The statement comes after the US Department of Energy announced that Perry would be attending the first EU-US Energy Council High-Level Forum in Brussels on Thursday.

Gas Driller at Center of 2019 Pulitzer-Winning Book on Fracking Still Faces Legal Battles

Read time: 7 mins
Girl playing hopscotch at a playground near a fracking well pad in Pennsylvania

Eliza Griswold’s book Amity and Prosperity: One Family and the Fracturing of America examines the impacts of fracking in western Pennsylvania, and on Monday it was awarded the Pulitzer Prize in General Nonfiction.

Griswold’s book carefully refuses the birds-eye view of fracking’s impacts — readers will find few state or national statistics — and instead presents the detailed results of seven years of on-the-ground reporting. It traces the story of one extended family in western Pennsylvania, a small handful of neighbors, and eventually the two-person legal team that took on their case, now covered by a sealed settlement with natural gas driller, Range Resources, which still faces additional related legal battles today.

Chevron and Exxon Say They Can Turn Around the Failed Finances of Fracking Industry

Read time: 9 mins
Gas station sign reading 'Exxon' and 'On the Run'

After a decade of the American fracking industry burning through hundreds of billions of dollars more than it earned, this industry previously dominated by shale drilling specialists is entering a new phase. The oil majors — a group of multinational companies that typically have divisions throughout the oil supply chain — now are investing heavily in fracked oil and gas operations.

New Warnings on Plastic’s Health Risks as Fracking Industry Promotes New 'Plastics Belt' Build-Out

Read time: 15 mins
Marine litter washed up on a beach

A new report traces the life cycle of plastic from the moment an oil and gas well is drilled to the time plastic trash breaks down in the environment, finding “distinct risks to human health” at every stage.

Virtually all plastic — 99 percent of it, according to the Center for International Environmental Law (CIELreport — comes from fossil fuels. And a growing slice comes from fracked oil and gas wells and the natural gas liquids (NGLs) they produce.

Fracking the World: Despite Climate Risks, Fracking Is Going Global

Read time: 7 mins
'Fracking: it's happening' sign overlaid on a view of Earth from space

The U.S. exported a record 3.6 million barrels per day of oil in February. This oil is the result of the American fracking boom — and as a report from Oil Change International recently noted — its continued growth is undermining global efforts to limit climate change. The Energy Information Administration predicts U.S. oil production will increase again in 2019 to record levels, largely driven by fracking in the Permian shale in Texas and New Mexico.

And the U.S. is not alone in trying to maximize oil and gas production. Despite the financial failures of the U.S. fracking industry, international efforts to duplicate the American fracking story are ramping up across the globe. 

Energy Transfer Pipeline Projects on Hold in Pennsylvania After String of Violations

Read time: 9 mins
Mariner East 2 pipeline spill site near an apartment complex

Plans for a pipeline network to export petrochemical ingredients from fracked gas wells in Pennsylvania hit a major roadblock, as state environmental regulators announced Friday that they were suspending all permit reviews for pipeline builder Energy Transfer until further notice.

There has been a failure by Energy Transfer and its subsidiaries to respect our laws and our communities,” Pennsylvania Governor Tom Wolf, who has supported fracking in the state, said in a statement when the suspension was announced. “This is not how we strive to do business in Pennsylvania, and it will not be tolerated.”

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