Monday, November 15, 2010

60 Minutes on Gas Drilling

Last night, 60 Minutes did a segment on gas drilling called "Shaleionaires". They opened with Aubrey McClendon, CEO of Chesapeake, and two gentlemen who received large amounts of money for leasing their land in Louisiana.

For those of us living on the shale, we know that the majority of the lease holders have not and will not ever see that kind of money. Only those with large pieces of land that lease their minerals and surface will see that type of check. Or in the case of Tim and Christine Ruggiero, the person that owned their land before them kept the minerals, made a ton of money off the suffering of others.

Mr McClendon tried to downplay the dangers by saying accidents happen because human error. Fracking is safe but I wouldn't drink the frack fluid.

Really? But it is okay to inject it into the ground with the chance of cement casings failing and human error so it can contaminate some residents drinking water.

Then we hear the greatest excuse ever for gas drilling....Our country needs the energy and it is our "patriot" duty to help get us off foreign oil and gas.

Really? But it is okay to sell stakes in US shale to foreign countries like China.

Why not invest in something that is truly abundant like the sun and the wind?

Clean water is really the only thing we as humans need and depend on to live. Tell your senators and representatives to support the Frac Act.
Click here for info.

Click here to see the 60 Minutes episode


Anonymous said...

Chesapeake's agreement with Cnook is nothing but a sale of techology. If any company, including Cnook or any other foreign oil company, wants access to Chesapeakes expertise in horizontal drilling and fracing shale formations, then they must invest with Chesapeake.

In this case, Cnook holds a position as a limited partner who will share in profits of oil and gas sold in domestic USA. But their main purpose is to get the technology to take back to China.

Mellany Lamb said...

Chesapeake made a public announcement last week that with the market price of natural gas being so low (and it will probably go lower since the producers are all claiming that they have to drill as fast as they can to satisfy lease holders), they will focus more on oil exploration. We may see another crash in the gas E&P as we did in mid-2008.