Fracking Companies Fail on Disclosure to Investors | As You Sow Winter 2013 Newsletter
November 19, 2013
Fracking Companies Fail on Disclosure to Investors | As You Sow Winter 2013 Newsletter.
Foreign Ownership in Marcellus Shale
August 7, 2011
The development of unconventional natural gas in the US is NOT by American companies, but it is a joint venture with foreign countries like China, India, Norway, the UK, Japan, and South Korea.
https://spreadsheets.google.com/spreadsheet/ccc?key=0AttP1cRHZ8J_dGc1SFp4OHlEQ3UtVVl2UDlLYkxxM3c&authkey=CMP4r_QI&hl=en_US#gid=0
In other words, even if we reduce our dependency on foreign oil [which we won’t because oil and gas are not totally interchangeable as a fuel source], we will then become dependent on foreign owned natural gas.
These companies that are drilling in PA and elsewhere in the US are multinational corporations that hold no allegiance to the US, the American people, or the American economy. They only serve their shareholders and their corporate ‘bottom line’, not the interests of the American people. There’s nothing patriotic about them. We will ultimately end up buying American natural gas from foreign entities on the global market and competing with the highest bidder.
When these companies talk about increasing the wealth, they’re talking about their’s and their international shareholders, not your’s, and not America’s.
If we want to achieve true energy independence, and do what’s right for our economy, provide real permanent American jobs, and be truly patriotic, we need, as Americans, to invest in clean, renewable, and sustainable energy sources. Solar, photovoltaic solar, geothermal, wind turbines, hydro-turbines, and bio-methane will provide permanent American jobs in manufacturing, service & installation, and technological research and developement, and move towards eliminating fossil fuels while protecting the environment, public health and safety, and preserve our other natural resources like pure water and clean air for our children and our children’s children.
I ask you… what is more reasonable, more responsible, and more patriotic than that?
Besides, we have the technology, we have the land, we have the wind, and we have the work force. The only thing we don’t have is the political will, and we can change that by speaking up and demanding better representation, and by voting. As I’ve said before, you may not be able to change stupid or greedy, but you can vote it out!
The oil & gas industry has tried to tell us that: hydraulic fracturing is safe for the environment, you will become wealthy by leasing [ie: selling your subsurface real estate] your land, this will move the US toward energy independence, and it’s the patriotic thing to do. All of which has proven to be, at best misleading, if not outright lies.
Pass this on if you agree.
John Trallo
GDACC 
