SEARCH
A great gift
for crisis deniers!
Humoring the Horror of the
Converging Emergencies
94 color pages
$24.99 now $15!
Or read FREE online!
Twitter
Ping this story
in social media:
del.icio.us
Digg
Newsvine
NowPublic
Reddit
Facebook
StumbleUpon
|
 |
|
 |
|
 |
|
 |
|
Insiders Sound an Alarm Amid a Natural Gas Rush http://apocadocs.com/s.pl?1309094942
Natural gas companies have been placing enormous bets on the wells they are drilling, saying they will deliver big profits and provide a vast new source of energy for the United States.
But the gas may not be as easy and cheap to extract from shale formations deep underground as the companies are saying, according to hundreds of industry e-mails and internal documents and an analysis of data from thousands of wells.
In the e-mails, energy executives, industry lawyers, state geologists and market analysts voice skepticism about lofty forecasts and question whether companies are intentionally, and even illegally, overstating the productivity of their wells and the size of their reserves....
"Money is pouring in" from investors even though shale gas is "inherently unprofitable," an analyst from PNC Wealth Management, an investment company, wrote to a contractor in a February e-mail. "Reminds you of dot-coms."
"The word in the world of independents is that the shale plays are just giant Ponzi schemes and the economics just do not work," an analyst from IHS Drilling Data, an energy research company, wrote in an e-mail on Aug. 28, 2009.
|
|
 |
|
 |
|
 |
[Read more stories about:
fracking, short-term thinking, capitalist greed, contamination]
This item will appear in our PANIQuiz!
|
 |
|
New!:
| |
|
No reader quips yet -- be the first! | |
|
Got a PaniQuip?
|
|
|
We reserve the
right to reuse, remove, or refuse any entry.
| |
|
|
'Doc Jim says:
|
|
|
 |
Madoff... Enron... Disaster Capitalism... Inverse Credit Default Swaps... what is the best comparator?
|
|
Ponzi playing in the fracking fields.
|
|
|
Want to explore more?
Try the PaniCloud!
|
