Kiplinger's has a fascinating article on fracking. They're mostly for it, and discuss how it's making many depressed people in NE PA fabulously wealthy. "A landowner with 100 acres of Marcellus Shale rights might expect (but can't count on...) 2 million dollars in royalties over 20 years -- on top of lease payments that can run six figures -- but the overall wealth is much greater. According to one study [Kiplinger's doesn't tell us who ran this study], a typical well generates about 4 million in economic benefits, including 62 jobs" (November 2011 p. 56).
Kiplinger's does have a tiny box that lists downsides, particularly in the Dimock Township PA Area where gasoline now pours out of kitchen faucets and is ignitable with a cigarette lighter (fun to YouTube that). 'The thing most people are worried about is misplaced fear,' says Tom Murphy, co-director of the Penn State Marcellus Center for Outreach and Research at Penn State University. Murphy claims that better casings for the wells have managed to contain the ook a lot better, and he pooh-poohs further worry. On the other hand, he is employed by that industry, or is employed by a Center that looks like it was funded by gas companies so it looks like a conflict of interest in his statements. Kiplinger's tells you what stocks to buy if you want to cash in on the growing phenomenon. A company called Halliburton is especially important (40$ per share). Where have I heard that name before? Standard & Poor's recommends buying into Halliburton if you want to get rich. But you should do it quickly because "an energy Department subcommittee has called for steps to limit air pollution and protect water supplies" (59).
Well, that could very well cut into your profits.
The Delaware River Basin Commission is going to decide on November 21, 2011 if fracking can continue in the Delaware River watershed. There are six votes and President Obama has one of them. I'm not sure if Obama cares more about Halliburton remaining in the black, or whether he'd rather keep Pennsylvania green. Delaware River has been around for many millions of years and it'd be shame if it ran with oil and chemicals and all the fish in it died just so that one or two companies could stay in the black. To frack they have to use millions of gallons of water to flush out the oil, and then they leave this oily wash in huge lakes that puke up the horizon for generations to come and this ook seeps into the groundwater. Still, you could end up like the Beverly Hillbillies and just move away to Paris, leaving granny's sister and brother to deal with the ook and the puke while you dine on snails and frogs and organ meats such as pate. Lucky you.
Solar and wind are clean, but the latter is noisy. Coal and oil and fracking and natural gas are icky. Nuclear is a fright because of Three Mile Island, Chernobyl, and now the Japanese spill post-tsunami. France has banned fracking but relies on nuclear for about 80% of its energy. NY State has banned fracking, but might un-ban it.
Energy, as William Blake said, is eternal delight. Yes, true, but what about the by-products?
1 comments:
NSIS about Halliburton, but the company became well-known for receiving no-bid contracts under the Bush administration during the war, which was especially troubling since Cheney had deep connections to 'em.
That was the lefty talking point, anywho...
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