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Posted Sat May 28 2011: from
Reuters:
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Big oil companies face growing concern on fracking http://apocadocs.com/s.pl?1306545674
Large blocks of investors in the two biggest U.S. oil companies on Wednesday demanded more disclosure about the environmental risks of extracting oil and gas through hydraulic fracturing.
Exxon Mobil Corp defended the practice at its annual shareholder meeting on Wednesday, even as investors peppered Chief Executive Rex Tillerson with concerns and questions about it.
A proposal requiring more disclosure by Exxon on the impact of "fracking" received about 30 percent of the votes by shareholders in the world's largest publicly traded oil company.
At rival Chevron Corp, which became heavily involved in fracking through a recent acquisition, 41 percent of shareholders backed a similar resolution.
"Breaking 40 percent on a first year resolution has only happened a few times in the last few decades, so it shows how seriously the company's shareholders are taking this issue," said Michael Passoff, who focuses on fracking at San Francisco-based corporate responsibility group As You Sow....
However, Passoff said even regulators acknowledge that the current regulation by states is inadequate.
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[Read more stories about:
fracking, toxic leak, methane release, carbon emissions]
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'Doc Michael says:
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It's as if stockholders recognized a potential liability from pumping toxics willy-nilly into shattered subterranean layers. Can it be so?
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