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Indybay FeatureRelated Categories: U.S. | Environment & Forest Defense
Communism And Corporate Democracy Fracking The US and Canada
May 27, 2014 – A Bloomberg News analysis of 61 shale drilling companies found that the economic picture of shale oil and gas is unstable. Shale debt has almost doubled over the last four years while revenue has gained just 5.6 percent. For the 61 companies in their analysis, Bloomberg News reported: “In a measure of the shale industry’s financial burden, debt hit $163.6 billion in the first quarter.” Communists and Capitalists Together - Boring Through The Bedrock Of This Nation
Communism And Corporate Democracy Fracking The US and Canada
Roughly one in 20 Americans are now living within a mile of a well drilled since 2000. How much has the US economy benefitted from all this drilling? What is the US Unconventional Oil & Gas Industry's overall contribution to the US ecocnomy.
“The shale boom’s economic contributions are very narrow, inflating local economies in places where drilling is intense but generating little impact on the country’s overall economic growth, the Institute for Sustainable Development and International Relations, a French think tank, concluded.”
“The industry’s cumulative long term effect on America’s Gross Domestic Product (GDP) will be less than one percent. Despite very low and ultimately unsustainable short-term prices of natural gas, the unconventional oil and gas revolution has had a minimal impact on the U.S. Macro-economy,”
“That’s not the amount that shale gas will add to the economy each year - nstead, the industry will make up no more than 0.84 percent of total GDP between 2012 and 2035, the years when the shale boom is projected to be at its height. To put that in context, the personal care products industry (hair styling, cosmetics and the like) contributed 1.4 percent of GDP in 2010 nearly double the impact that the EU report found the shale gas rush could have.”
President Obama in his State of the Union address has said “there's a hundred years of gas beneath our feet” and praised shale’s contributions to the economic “businesses plan to invest almost a hundred billion dollars in new factories (chemical companies) that use natural gas”.
Save The Oil Fields!
China owns nearly half the Midwest now. That's right, your US ass-ets are owned by China, Communist China. Just cause they look like capitalists - “The Communist Party of China is the founding and leading political party of the People's Republic of China. The CPC is the sole governing party of China, although it coexists alongside 8 other legal parties that make up the United Front. While the CPC is still committed to communist thought, mainstream foreign opinion believes the party to be non-ideological.” (Wiki)
The flag of debt image and sketch is from:
Drilling down: “Is China Communist And More Importantly, Is The Us A Subsidiary Of China?
Asset Sales To Close Cash Shortfalls And Reduce Debt – SOLD... to China. A subsidiary of China Petroleum & Chemical Corp, known as Sinopec Group, has agreed to pay $1.02 billion for 50 percent of Chesapeake Energy Corp's stake in an Oklahoma oil and gas field and form a joint venture with the US company. The all-cash sale to Sinopec International Petroleum Exploration & Production Corp is for 425,000 acres in Oklahoma's Mississippi Lime formation. (664 square miles)
In January 2012, the Chinese producer agreed to pay another $2.5 billion to Devon Energy Corp, based, like Chesapeake, in Oklahoma City, for a third of the US company's overall stake in five oil and gas fields, including the Mississippi Lime.
But even before 2012, Chesapeake had already sold about $1.7 billion in development stakes to CNOOC Ltd, a subsidiary of China National Offshore Oil Corp, for a share of operations in the Eagle Ford and Niobrara shale gas formations in Texas and Wyoming, respectively. The Eagle Ford deal was announced in January 2011, Niobrara in October 2010.
Chesapeake has agreed to sell more than $12 billion in oilfields and pipelines, all since the beginning of 2012 to plug a cash-flow deficit.
In 2013, PetroChina agreed to pay Encana Corp of Canada, $2.2 billion for a 49.9 percent stake in a rich Alberta shale gas prospect, the first test of new guidelines issued by Ottawa for major energy investments by foreign state-owned enterprises.
China National Offshore Oil Corp, recently received approval from the Committee on Foreign Investment in the United States for its $15.1 billion purchase of Canadian oil-sands operator Nexen Inc - the biggest overseas acquisition by a Chinese entity. The Treasury Department-led committee had a say in the deal because Nexen's assets included drilling operations in the Gulf of Mexico.
But What Of The Lawsuits & Liens On Landowners' Properties – The Burden Of Unpayable Debts To Vendors, Pipeline Crews, Contractors, the Leasing Agreements. The liens filed for non-payment show up as claims against land owners with whom Chesapeake had cut deals.
Such liens could interfere with an owner's ability to sell the property, said Stanley B. Edelstein, a Philadelphia construction law attorney. "Depending on the language in a mortgage, it could be an act of default," he said.
Goldman Sachs and the private equity unit of the George Kaiser Family Foundation invested $421 million in Chesapeake through a complex deal known as a volumetric production payment, according to court records and SEC filings. The deal, signed in December 2008, provided cash to Chesapeake in exchange for future oil and gas production from the company's wells in Oklahoma and Arkansas.
$421 million dollars in cash …
It was on October 28, 2008, that Goldman Sachs received $10 billion of the first $125 billion from the $700 billion dollar bailout.
Energy Futures Trading On Human Rights And The Rights Of Nature
According to Bloomberg, U.S. gas explorers including Chesapeake Energy and Devon Energy are selling interests in shale fields to international energy companies such as Total and Sinopec to finance drilling on leases acquired during a “massive land grab” in 2007 and 2008 as oil and gas prices soared to record highs, a bubble that has since deflated, leaving operators like Chesapeake without the funds to fulfill clauses that set deadlines for drilling by a certain period or forfeiting the leases.
Sinopec and Malaysia's state-owned Petronas own vast us/canada leases, and plan to build multi billion dollar export facilities in the Pacific NW.
The Development Of Unconventional Hydrocarbons In The US and Canada – Alberta, Wyoming, Oklahoma, Texas, The Gulf of Mexico - by foreign dictatorial regime-owned corporations in 2014 and beyond.
“Elected dictatorships are those where dictatorships cleverly masquerade as democracies. If the elected dictatorship finds that such subtle subterfuge does not work, off come the velvet gloves to reveal fists of steel. One of the most masterful practitioners of an elected dictatorship is Malaysia.” (a.k.a. federal constitutional monarchy)
There are generally two types of dictators.
“The first is the one who oppresses his own people and usurps their rights and wealth directly from them to enrich himself and his gang. This will lead to violent responses leading to the overthrow of the dictator and his successors would expose his misdeeds and take remedial steps to improve the system of government.”
“The second and milder version – which fits (ex)prime minister Mahathir – is the one who suppresses his own people but siphons off the wealth of the government through the monopoly of public projects to enrich himself and his gang.”
April 30, 2014 - Malaysia's Petronas Sells Stake In Canada Gas Project To Sinopec
Petronas, a Malaysian state-owned oil firm plans to build an $11 billion liquefied natural gas (LNG) export terminal on Canada's Pacific Coast partnering with China's Sinopec Group and a Chinese state utility.
Petronas said it will sell state-owned Sinopec Group, formally known as China Petrochemical Corp, a 15 percent stake in its Pacific NorthWest LNG export facility, along with a 15 percent stake in the northern British Columbia shale gas assets for feedstock.
As part of the deal, Sinopec, China's largest petrochemical producer, will take 1.8 million metric tons (1 metric ton = 1.1023 tons) of LNG a year, or about 15 percent of the proposed LNG facility's production, for at least 20 years. China hopes to double the share of natural gas in its overall national energy portfolio to more than 8 percent by 2015 to reduce reliance on coal fired power plants.
“In addition to its ownership, Sinopec will buy another 3 million metric tons of LNG annually from the terminal, to be located in the small port of Prince Rupert, British Columbia, which is about 1,500 kilometers (932 miles) by road north of Vancouver. It says construction will take about four years, with commercial operation expected in early 2019.”
“Sinopec is Petronas's fourth partner in the project, which is one of about a dozen LNG terminals proposed for British Columbia's rugged coastline as energy companies scramble to build facilities to export cheap Canadian gas to Asian markets.”
“Petronas, which entered the fray in 2012 with its $4.7 billion takeover of Canada's Progress Energy Resources, has moved quickly past its rivals in LNG. The company has so far secured an export permit and filed its key environmental documents.”
But - A year ago the U.S. Energy Information Administration stated that China contains twice the shale gas reserves as the U.S.
Already one in 20 Americans are now living within a mile of a well drilled since 2000.
That's approximately 15 million Americans. Of course there are compressor stations, refineries, pipelines, chemical plants, knurdle factories, nitrogen fertilizer factories.
ECOWATCH in October 2013 published FRACKING BY THE NUMBERS
“The bottom line is this: The numbers on fracking add up to an environmental nightmare.” “For our environment and for public health, we need to put a stop to fracking.”
DOWNLOAD FRACKING BY THE NUMBERS
“The data from FRACKING BY THE NUMBERS shows that fracking is taking a dirty and destructive toll on our environment and health. It’s time for our federal officials to step up; they can start by keeping fracking out of our forests and away from our parks, and closing the loophole exempting toxic fracking waste from our nation’s hazardous waste law.”
And recently published on July 10, 2014 - The Compendium of Scientific, Medical, and Media Findings Demonstrating Risks and Harms Of Fracking (Unconventional Gas And Oil Extraction) 70 pages total
From: Concerned Health Professionals Of New York
“The Compendium is a fully referenced compilation of the significant body of scientific, medical and journalistic findings demonstrating risks and harms of fracking. Organized to be accessible to public officials, researchers, journalists and the public at large, the Compendium succinctly summarizes key studies and other findings relevant to the ongoing public debate about unconventional methods of oil and gas extraction. The Compendium should be used by readers to grasp the scope of the information about both public health and safety concerns and the economic realities of fracking that frame these concerns. The reader who wants to delve deeper may consult the reviews, studies, and articles referenced.”
“In addition, a fully searchable, near-exhaustive citation database of peer-reviewed journal articles pertaining to shale gas and oil extraction is housed at the PSE Healthy Energy Library."
Physicians Scientists & Engineers for Health Energy. http://www.psehealthyenergy.org/site/view/1180
“The pace at which new studies and information are emerging has rapidly accelerated in the past year and a half: the first few months of 2014 saw more studies published on the health effects of fracking than all studies published in 2011 and 2012 combined. The Compendium is organized in reverse chronological order, with the most recent information first. Studies cited in the first edition are current through June 30, 2014 ”
“Fifteen compelling themes emerged in reviewing the data, and these serve as the organizational structure of the Compendium. The document opens with sections on two of the most acute threats, air pollution and water contamination, and ends with medical and scientific calls for more study and transparency. Readers will quickly notice the recent upsurge in studies making each section top-heavy with recent data.”
DOWNLOAD the The Compendium of Scientific, Medical, and Media Findings Demonstrating Risks and Harms Of Fracking (Unconventional Gas And Oil Extraction) 70 pages total - a powerfully useful living document.
There's no reason to further the expansion of fracking in California, and the further industrialization of California's landscape which fouls the air, and contaminates the water.
It never was about America's Resources For America.
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STEAM INJECTION IS LITERALLY GLOBAL WARMING
constant comments, and informative research links;