A HUNGARIAN BILLIONAIRE AND A GREEN POL…THE REAL CLIMATEGATE SCANDAL
Get The Frackin’ Gas http://www.investors.com/NewsAndAnalysis/Article.aspx?id=516041
Energy: An oil company wants to invest its profits in clean-burning American natural gas. A Hungarian billionaire and a “green” politician want to stop it. This is the real Climate-gate scandal.
While the greenies of the world united in Copenhagen to talk about the weather, emitting a Third World-country-size chunk of greenhouse gases to gather there, the world’s largest oil company, Exxon Mobil, was doing something about it.
On Dec. 14, Exxon agreed to buy XTO Energy, a natural gas firm, in a deal valued at $41 billion. XTO is one of the leaders in something called “fracking” technology, in which water, sand and additives are pumped into the ground to unlock trillions of feet of natural gas previously thought to be unobtainable.
This is what energy companies really do with their profits. They find more energy, then sell it to you.
While the technique is not new, the technology exploiting it is.
XTO has helped develop new technologies that let it drill a single well 9,000 feet and then bore horizontally through shale formations to unlock the natural gas trapped in the porous rock. The rock is fractured and the gas is pushed into accessible pockets whence it can be extracted with a minimal surface footprint.
Because of these new technologies, it is estimated that the U.S. sits on 83% more recoverable natural gas than was thought in 1990.
The Barnett Shale rock formations of Texas and Louisiana, the Bakken Shale formation in Montana and North Dakota, and the Marcellus Shale formation running through New York and Pennsylvania and other states may hold as much as 2,000 trillion cubic feet of this clean-burning, domestically produced fuel.
We are the Saudi Arabia of shale.
At current use, we have an estimated 90-year supply, if we are allowed to get at it.
Slam dunk? Hardly. Rep. Ed Markey, D-Mass., one of the sponsors of the job- and economy-killing Waxman-Markey cap-and-trade bill and no fan of domestic energy, wants to hold hearings on the alleged environmental dangers of the new technology.
There’s been an organized campaign to discredit fracking as an environmental danger to the nation’s water supply. Ed Lasky at American Thinker has traced a tangled web of deception that rivals the “hide the decline” campaign by the University of East Anglia’s Climate Research Unit.
A media group called Pro Publica has done what it calls “investigative journalism” and exposed the alleged dangers of fracking in a series of stories it has provided free to cash-starved media outlets and newspapers. The first expose was an attack on energy companies developing the Marcellus Shale.
Pro Publica was started by billionaires Herbert and Marion Sandler, who, along with billionaire George Soros, funded the left-wing Center for American Progress, run by John Podesta and touted as the Obama administration’s “idea factory.”
Soros owns a major stake in a company called InterOil, a company that has discovered a large natural gas field in Papua, New Guinea, with which American shale resources would compete.
Soros would rather have us import his liquefied natural gas than develop our own. His allies in the media, the environmental movement and the Democratic caucus are all too eager to exploit public fears to do it.
Roger Willis owns a hydraulic fracturing company in the Pennsylvania town of Meadville. He says thousands of frack jobs have been done in rock formations above and below the Marcellus Shale in New York state with no aquifer damage.
“This 60-year-old technique has been responsible for 7 billion barrels of oil and 600 trillion cubic feet of natural gas,” according to Sen. James Inhofe, ranking member of the Environment and Public Works Committee. “In hydraulic fracturing’s 60-year history, there has not been a single documented case of contamination.”
Whether some are trying to hide the decline in global temperatures or the abundance of clean-burning domestic natural gas, it’s a scandal. If we’re serious about both carbon emissions and energy independence, let’s stop this nonsense and get the fracking gas.
Comments are closed.
