05 Mar '12, 3pm

The Natural Gas Fracking Bubble & Scam (Fracking Ponzi Scheme?)

The Natural Gas Fracking Bubble & Scam (Fracking Ponzi Scheme?)

“According to Arthur Berman, a respected energy consultant in Texas who has spent years studying the industry, Chesapeake and its lesser competitors resemble a Ponzi scheme, overhyping the promise of shale gas in an effort to recoup their huge investments in leases and drilling. When the wells don’t pay off, the firms wind up scrambling to mask their financial troubles with convoluted off-book accounting methods. ‘This is an industry that is caught in the grip of magical thinking,’ Berman says. ‘In fact, when you look at the level of debt some of these companies are carrying, and the questionable value of their gas reserves, there is a lot in common with the subprime mortgage market just before it melted down.’ Like generations of energy kingpins before him, it would seem, McClendon’s primary goal is not to solve America’s energy problems, but to build a pipeline directly ...

Full article: http://cleantechnica.com/2012/03/05/natural-gas-fracking-...

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