Fracking has been a money-losing endeavor of epic proportions.
How Wall Street Enabled the Fracking ‘Revolution’ That’s Losing Billions
Justin Mikulka | May 4, 2018
The U.S. shale oil industry hailed as a “revolution” has burned through a quarter trillion dollars more than it has brought in over the last decade.
It has been a money-losing endeavor of epic proportions.
In September 2016, the financial ratings service Moody’s released a report on U.S. oil companies, many of which were hurting from the massive drop in oil prices. Moody’s found that “the financial toll from the oil bust can only be described as catastrophic,” particularly for small companies that took on huge debt to finance fracking shale formations when oil prices were high.
And even though shale companies still aren’t turning a profit, Wall Street continues to lend the industry more money while touting these companies as good investments.
Why would investors do that?
David Einhorn, star hedge fund investor and the founder of Greenlight Capital, has referred to…
View original post 1,541 more words
The Most Revolutionary Act 
They are also contaminating, a lot of our precious fresh water.
LikeLike
No one will tell the truth about the American Depression going on now. Ther has never been, this much suffering in America. Wallsteet is pure illusion now. They are the instigators and driving force of the chaos, and misery in america now. Many places have undrinkable water from Fracking. Wallstreet is sucking americans pensions dry, to cover the losses on bad investments like fracking. People cannot afford to pay the artificially high rents, induced by this rentier economy. Sickening.
LikeLike
Too true, Teri. It’s hard for me to even contemplate such suffering. I’m not sure what time it is where you are, but I feel I want to either get drunk or stoned.
LikeLike
Don’t get me started on fracking and contamination, Doug. New Plymouth (where I live) is the fracking capitol of New Zealand and a local group I belong to is currently suing the local authority (and the oil and gas lobby) about the failure to regulate separation distances between fracking wells and homes and schools. They’re allowing drilling within 500 meters of schools and homes – meanwhile totally ignoring the adverse health effects of air contamination studies from overseas. New Zealand is far worse than the US in this regard – in this respect it’s like living in a third world country.
LikeLike
Finally a journalist says the truth and calls the crash of 2008 for wat it is a great depression https://www.counterpunch.org/2018/05/08/teachers-class-struggle-defiance-inspires-millions/
Contrary to the corporate media’s efforts to portray these teacher mobilizations as a reaction to Republican Party cutbacks, striking teachers have documented with mathematical precision that the most intense attacks on public education, social services, and teacher pay began with the Great Depression of 2008 and were implemented under the Democratic Party administration of Barack Obama.
LikeLike
Very informative article, Michelle. Thanks for sharing.
LikeLike
Fracking puts a lot of radium and heavy metals into drinkin water, dr bramhill. There are many expert witnesses in america and, around the world that will testify to this.
LikeLike
I’m aware of that, Teri. Our group has been trying to raise money to test Taranaki drinking water for radium because the government won’t do it. They do monitor for barium.
LikeLike
Pingback: Wall Street Enabled Fracking ‘Revolution’ That’s Losing Billions