For Release: 19 February 2013
CONTACT: T. Brilliant, POST CARBON INSTITUTE, firstname.lastname@example.org, 707-823-8700 x105
Energy Policy Forum & Post Carbon Institute have released two groundbreaking reports that belie energy industry claims of U.S. energy independence as a result of newly accessible shale gas and shale (tight) oil.
The report findings are based on an unprecedented analysis of over 60,000 U.S. shale oil and gas wells and an investigation of the role of Wall Street investment banks in the explosive growth of fracking for natural gas.
Drill Baby Drill: Can Unconventional Fuels Usher in a New Era of Energy Independence?
J. David Hughes takes a critical look at the prospects for shale gas, shale/tight oil and other unconventional fuels.
He concludes, in part: “The U.S. cannot drill and frack its way to “energy independence.” At best, shale gas, tight oil, tar sands, and other unconventional resources provide a temporary reprieve from having to deal with the real problems: fossil fuels are finite, and production of new fossil fuel resources tends to be increasingly expensive and environmentally damaging. Fossil fuels are the foundation of our modern global economy, but continued reliance on them creates increasing risks for society that transcend our economic, environmental, and geopolitical challenges. The best responses to this conundrum will entail a rethink of our current energy trajectory.”
Shale & Wall Street: Was the Decline in Natural Gas Orchestrated?
Deborah Rogers uncovers the role of Wall Street investment banks in inflating the natural gas bubble to their advantage.
She concludes, in part: “Wall Street promoted the shale gas drilling frenzy, which resulted in prices lower than the cost of production and thereby profited[enormously] from mergers & acquisitions and other transactional fees.”
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Shalebubble.org is the joint effort of Post Carbon Institute, Energy Policy Forum, and Earthworks, with the goal of providing critical analysis — using industry and government data — to counter the false claims that domestic supplies of shale gas and shale oil (tight oil) will ensure energy security and significant long-term economic benefits to the US.