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What top oil people are starting to do about the fracking revolution. Abandoning ship.
The first sign of a doomed ship is said to be the urgent departure of its rats; the first sign of fire in a crowded theater is not the guy who shouts it out, but the several people with good noses who start to sidle quietly but purposefully toward the exits. In the world of America’s bogus oil and gas fracking revolution, the nostrils of the rats and the smoke-sensitive alike are beginning to twitch. Let us watch those noses.
Must we review the industry’s propaganda again here? How hydraulic fracking has changed everything, America now has abundant gas and oil, we’re surpassing Russia and Saudi Arabia, we’re number one in the world again, we’re headed for energy independence? (No one has yet had the chutzpah to predict we’re going to get to energy independence, since it’s mathematically impossible, but it shouldn’t be long now, they’re getting desperate.) The latest iteration of the industry line is an essay that appeared in the New York Times titled “America’s Oil Bonanza,” a song of oil without end, amen. Continue reading →