Experienced con artists — the people who write clickbait ads, manage political campaigns and shake down old people for what’s left of their life’s savings — will tell you that people who get conned, want to be conned. Many, many people go through their lives straining to hear the magic words; “You deserve to be rich,” or “Someone has to win the lottery, why not you?” or “cure cancer with one simple trick.” And when they hear those words, they experience the irrational exuberance of long-denied, at-last-confirmed faith, and are likely to do anything they are asked to do by those who have fulfilled the prophecy.
That’s the way it has gone with one of the longest and most successful cons in American history — the New American Oil Revolution, aka the Fracking Revolution. “You deserve all the cheap oil you can use,” the frackers began to croon about a decade ago, “America deserves energy independence.” People who had always wanted those things, and thought they deserved those things, sat up and took notice as the con artists set the hook: “we can have it forever with one simple trick of technology.”
Fracking. The greatest con, ever. If you want to read almost ten years’ worth of fracking debunking, go to the Energy section of The Daily Impact and read your heart out. I have grown tired of writing the same things over and over, so I don’t do it much anymore, but here’s a quick recap:
- fracked oil is an inferior product with limited uses that can not be taken in by just any refinery, so its price is usually discounted below that of ordinary crude;
- fracked oil is devilishly expensive to get out of the ground, as it requires enormous quantities of water, sand and toxic chemicals to break it loose;
- fracking wells play out within four years (traditional wells get around 20 years, at least) which means that if you’re a fracker you have to find and start developing your next well the minute your current well is in production;
- as a result of the tight margins and high capital expenses, virtually no one has made any money fracking oil. Really. They claim profits from individual wells, but all the profits and more are required to get the next well ready to go;
- the only thing that has sustained the industry this long is the gullibility of the junk-bond and subprime-loan investors who still believe they deserve to get 20% interest on their investments, and will shovel money at anyone who promises it to them.
And the reason the hedge-fund gamblers still push the chips across the table to the frackers, as frantic and delusional as their bets have become? The gullible media, most of whom have bought whole hog the improbable story of the fracking miracle and an imminent return to energy independence. (They even got Hillary Clinton, who during the 2016 campaign developed some expertise on fake news, but still succumbed to this con. See: “Hillary Hallucinates Energy Independence,” The Daily Impact, October 10, 2016)
As just one example of the mindless fluff being pumped out everywhere, all the time, by the corporate shills, check out CNN’s offering, “Here Comes the Next Wave of the US Oil Boom.” It’s like watching one of those TV commercial animations explaining how laxatives work. Wouldn’t it be great if things were that simple.
Where to get the real story? A few places, such as SRSrocco, Oilprice.com (sometimes), and the like, have been consistently and strenuously trying to tell the truth all along, but have been drowned out by the “Happy Days” crowd.
For a reality check, take the time to read all of SRSrocco’s reports, MEDIA DELUDE AMERICANS: Shale Oil Production Suffers Massive Decline Rates, and the related US SHALE GAS INDUSTRY: Countdown to Disaster.
Fake news gives you a momentary thrill and distracts you until the speeding truck runs you over. The truth, in this case, won’t make us feel better, let alone setting us free. But it will prepare us to make better decisions in the future that is now bearing down on us, like for example getting off the road where the speeding trucks are.