By Charles Hall, The Hill
But, curiously, this renaissance of petroleum in the United States has not led to a resurgence of profits in the oil and gas industry. Quite the opposite, because almost none of the companies that have invested in fracking are turning a profit. Investors in this industry are losing a lot of money, some $83 billion since 2008, according to oil analyst Arthur Berman.
By Andrew Nikiforuk, The Tyee
The dramatic decision by the British government to ban the disruptive technology of hydraulic fracturing (or fracking) is just one of two volatile storms now shaking the industry. And both have ramifications for the governments of British Columbia and Alberta, which actively subsidize the uneconomic industry with tax breaks, royalty credits, free water and taxpayer-funded seismic research and monitoring.
By Ruth Hayhurst, DeSmog Blog
After seven years of promoting fracking, Conservative ministers have withdrawn their support and blocked the prospects of a shale gas industry. The UK government has issued an immediate moratorium in England because of the risk of earth tremors. Governments in Scotland, Wales and Northern Ireland have already issued measures that amount to moratoriums on fracking.
By Andrew Nikiforuk, The Tyee
In a significant development, the Alberta Energy Regulator has acknowledged that hydraulic fracturing operations can impose high risks to critical infrastructure such as dams, an issue of growing concern at British Columbia’s Site C mega-project on the Peace River.
By Justin Mikulka, DeSmog Blog
Despite the U.S. fracking industry's history of “capital destruction,” one of the top investors in the world has bet big that Occidental holds the secret to Permian profits. But perhaps this time really will be different, or perhaps Occidental will follow in the footsteps of Halcón and others who bet it all on the Permian and lost.
By Justin Mikulka, DeSmog Blog
Why would major oil companies choose to invest in an industry that has failed to turn profits in the past decade?
By Andrew Nikiforuk, The Tyee
Although a government-commissioned scientific review of fracking in British Columbia released earlier this month occupies some 232 pages, the word “concerns,” as in “concerns regarding environmental impact,” pops up more than 130 times.
By Andrew Nikiforuk, The Tyee
Scientists can’t say when fracking will cause earthquakes due to a “paucity of validated predictive models to forecast site-specific seismic hazard.” But the quakes not only pose threats to nearby communities, they can make further fracking more difficult and dangerous.
By Justin Mikulka, DeSmog Blog
And the solution to fracking's profits problem — according to the likes of ExxonMobil — is Microsoft. Apparently cloud technology has been the missing ingredient in the Permian.
By Kurt Cobb, Resource Insights
The main problems with tech mirages: 1) They destroy or undermine existing businesses, weakening them to the point where they collapse and then those tech mirages collapse themselves leaving society without the service supplied by the businesses they destroyed and/or 2) they distract from what we really need to do to adapt to the twin crises of climate change and resource depletion.