The fracking boom is a catabolic Ponzi scheme

I’ve been reading:

http://www.amazon.com/Snake-Oil-Frackings-Promise-Imperils/dp/0976751097/ref=sr_1_1?ie=UTF8&qid=1394644147&sr=8-1&keywords=richard+heinberg+snake+oil

The Post Carbon Institute purchased proprietary drilling data from oil companies and crunched the numbers on the costs and benefits of fracking. Never mind the environmental problems;

1. Fracking is not profitable, and it’s getting funded with Ponzi money that will be lost.

2. The Energy Information Agency and the International Energy Agency and the US Department of Energy massively fudged the numbers to claim 24 years of natural gas and claims of “Saudi America” from fracked oil.

3. Drilling companies such as Chesapeake Energy are financially surviving by selling leases rather than by extracting, refining and selling energy.

4. The claim that the Monterey shale play is a huge reserve ignores the fact that earthquake prone Northern California is all messed up and very complicated, if impossible, to frack.

In other words, Peak Oil and catabolic collapse is still game on. By 2020, the fracking boom will be long over.

And as banned56 likes to point out, Peak Oil is a blessing because it will starve the parasites.

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About mindweapon

A mind weapon riding along with Four Horsemen of the Apocalypse.https://en.gravatar.com/profiles/edit/#
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8 Responses to The fracking boom is a catabolic Ponzi scheme

  1. Mr. Rational says:

    NB:  natural gas fracking is a Ponzi scheme at current prices.  Bakken oil and “liquids plays” including LPG are not, and one of the reasons NG prices are so low right now is that byproduct gas from the liquids plays is keeping the price down.

  2. ben tillman says:

    1. Fracking is not profitable, and it’s getting funded with Ponzi money that will be lost.

    I don’t understand this. What is the “Ponzi” aspect? And it is profitable.

    The problem with the Barnett Shale is that the fracking was too successful; the natural gas market was glutted. But Chesapeake is making plenty of money on oil in the Eagle Ford. And so is Dolph Briscoe. He is cleaning up.

  3. ben tillman says:

    The title of the video refers to “Fracking’s False Promise of Plenty”, and that’s where he loses me. I’ve never heard anything like that, and I doubt he has, either, since we live in the same town. People in Texas think that fracking will accomplish the following: It will significantly elevate the fortunes of tens of thousands of Texans. No one thinks it has any implications for the long-term oil supply.

    • mindweapon says:

      Ben,

      Get the Heinberg book and decide for yourself. It’s a data driven argument.

      The TV people are the ones who are saying that fracking is a long term energy supply.

      • Mr. Rational says:

        They’re saying that to try to throw another roadblock in front of nuclear power.

        If the TransAtomic Power reactor is ever built and works as claimed, it will solve our energy problem, our nuclear waste problem and our climate problem in one fell swoop.

  4. ben tillman says:

    People on TV? I can believe that, but — aside from the Today show (I’m married) and some live sports programming — I’m completely divorced from the propasphere.

  5. Denise says:

    The entire country is a Ponzi Scheme.

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