Please remind me why fracking is such a good idea and investing in renewables is not? Third, we risk being surprised by the boom in shale gas production. That, too, may prove to be a bubble, maybe even a Ponzi scheme. Production from individual shale wells declines rapidly, and large amounts of capital have to be borrowed to drill replacements. This will surprise many people who make judgement calls based on the received wisdom that limits to shale drilling are few. But I am not alone in these concerns. Even if the US shale gas drilling isnt a bubble, it remains unprofitable overall and environmental downsides are emerging seemingly by the week. According to the Texas Commission on Environmental Quality, whole towns in Texas are now running out of water, having sold their aquifers for fracking. I doubt that this is a boom that is going to appeal to the rest of the world; many others agree. newscientist/article/mg22029415.700-an-oil-crash-is-on-its-way-and-we-should-be-ready.html?full=true#.UnoYRCf9UVB
Posted on: Wed, 06 Nov 2013 10:25:03 +0000
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