"Plunge is far faster than in Arctic and may lead to more global heating, say scientists" 'Precipitous' fall i...
Friday, July 5, 2019
#Shale Oil #Fracking Economically Doomed
“Nearly every American has benefited from shale gas, with one big exception,” he said, “the shale gas investors.”
He did not pull any punches. “While hundreds of billions of dollars of benefits have accrued to hundreds of millions of people, the amount of shareholder value destruction registers in the hundreds of billions of dollars,” he said. “The industry is self-destructive.”
The message is not a new one. The shale industry has been burning through capital for years, posting mountains of red ink. One estimate from the Wall Street Journal found that over the past decade, the top 40 independent U.S. shale companies burned through $200 billion more than they earned. A 2017 estimate from the WSJ found $280 billion in negative cash flow between 2010 and 2017. It’s incredible when you think about it – despite the record levels of oil and gas production, the industry is in the hole by roughly a quarter of a trillion dollars.
SHALE OIL PONZI SCHEME
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