As the industrial revolution has shown, each period of economic prosperity is invariably followed by a dramatic bust. Those who were late to the 1850s California Gold Rush, the 1990s dotcom boom, and the 2000s housing bubble all experienced the consequences of being too late to the party. The Texas and California oil booms of the 1950s were ended by the influx of cheap OPEC oil, and the shale gas boom of the 2010s is being stifled by the sheer number of wells, resources, and waste that are necessary to sustain it. It is clear that those who act too late will be left with the burden of the bust.
Here are my top 10 arguments for why the fracking sector is doomed:
- The Powerful Understand That Time Is Against This Sector: According to economic headlines, the sector is losing financial backing for filthy fuels. Hence the huge hurry today! Last Monday, Goldman Sachs revealed it was reviewing the funding for all coal-related investments. One pondered when the costly and risky shale gas industry will reach its breaking point.
- They Lie: And the lies are being exposed. You may see sincere performers in the commercials pledging to harvest shale gas “responsibly and safely.” Contrary evidence is provided by company behaviour. They are financially sound. With the same dishonesty as fast food vendors that claim to “care about our health,” they purchase well-known shows. The Prime Minister and the Chancellor, however, declare that this is “our future,” are both financially invested in the venture, and assert that there is no conflict of interest.
- They obtain restrictive approvals before acting as they like. They are completely unsupervised by those issuing permissions because they are locked behind well-guarded gates. Balcombe residents are polluting the water and ruining roads with no one holding them accountable.
- They Modify English to Suit Them: I refer to this as “weasel phrasing.” They discover short sayings and memes that appeal to voters with little knowledge. They keep saying them again and again. Once the meme is picked up by their corporate media friends, it takes off. “That kind newsreader on television said so,” No facts or science, only expressions like:
- It serves as a bridge fuel. (Explaining the decision to stop investing in solar and wind despite their expansion and falling costs.)
- Solar and wind energy are too expensive. (So we can spend millions on polluting, high-carbon fuels instead, in which an absurdly high number of top government officials and MPs invest and have board seats?)
- Under our feet is a supply that dates back many years. (ALL estimates have been exaggerated by a factor of 10–100x.)
- Cheap energy will be available to all of us. (Why is the price still rising while we are drilling and extracting gas in record quantities and from record locations? Since it is a commodity, the price paid in Saudi Arabia and the UK is the same.)
- It will strengthen the economy and generate jobs. (Only highly qualified oil and gas employees should apply. The rest of the UK will prosper greatly from them. Not really.)
- On planning applications, frackers lie: When they are discovered, they remove the papers and re-file them, removing any anything that is considered offensive. Words swiftly go from the page, but what about behind gates that are guarded and locked? They act anyway they choose. It’s a whack-a-mole game. They have limitless resources and keep returning!
- What professor would not want private company to invest £500,000 in research (of course, the price being that the science must then say what the industry wants it to say)? Distinguished Dr. Anthony Ingraffea, a professor at Cornell University, found that 6.5% of all well casings break right away, causing methane to migrate into the water supply. Over the course of 20 years, 60% of attempts fail. Why doesn’t the industry address this, he questioned. as it is impossible!
- They Buy Up All the Attorneys: This is a brilliant move. They employ every attorney they can find to prepare a modest contract when they move to the city. Why? Since when do folks who are hurt by the frackers require legal assistance? All of the legal and scientific experts are on the side of the frackers because they are conflicted and cannot stand up for anyone who might cause harm in court.
- They Establish a Lot of Shell Companies: Three-card monty is a classic. For each well project, the frackers establish one limited liability corporation after another. With the help of these shell firms, the parent can avoid being held accountable. Therefore, if one well is damaged, just the “no-asset” shell built for this purpose is affected rather than the entire business.
- They Flirt with the Regulatory System: So what if they get fined £1 billion? In three days, they earn that much. The way the system is set up, they don’t actually face any consequences or harm for their “errors.” In conclusion? They are unconcerned.
- They Persuade Their Westminster Friends to Modify Laws and Regulations: when they need assistance? They can easily pass laws that make it easier for them to do whatever they want since they have powerful pals! You claim that the local planning permission supports your well. NO ISSUE. We’ll simply exclude them from the discussion by stating that the National Environment Agency is the sole agency authorised to address matters pertaining to oil and gas exploration. I’ll tell you what, genius!
The public outcry against fracking in Balcombe and other cities across the United Kingdom, as well as activists in the USA and Australia, has demonstrated that the people’s voice is demanding to be heard. Despite the industry’s deep pockets, government connections, and a complicit corporate media, it is only through continued protest and advocacy that the financial bell will toll and shut down fracking operations. It is essential that we continue to make our voices heard and ensure a safe future for our children and grandchildren.
