Finance

Fracking replaced the IT bubble and was boosted in USA as an investment ponzi scheme subsidiced by the US government and sold abroad as the saviour of US finances. The truth was the opposite. Greedy industries wrecked the land, making people sick, fracking turning areas into industrialized sacrifical zones polluted with toxic and radioactive air, water and soil. The environmental costs were never calculated and very few industries have so far paid that bill.

In recent years more and more law suits have been filed and some won. However the grave cost of fracking is yet to be realised. The 'benefits' of fracking, lies, are still being boosted in the media despite the now overwhelming amount of evidence of this industry's disasterous activities and false promotion of financial profits. They only ones who have profitted are the financial speculators. It has been estimated that for every Dollar earned on selling fracked gas one Dollar fifty was spent, and this is before the cost of ruined infrastructure, industrialisation, sick humans and animals, irreversibly polluted water and the carbon footprint of methane escaping in massive volumes far exceeding the estimates, with methane being over 60 times more potent, damaging to our climate, than CO2.

Oil & Tax: How the UK taxpayer could spend millions funding the hunt for fracked gas
Louise Somerville Williams: This is rather massive, albeit complex. Seems to indicate that those "community benefits" which is money promised to local communities with frackers as neighbours, could actually be paid for by taxpayers due to tax breaks given to existing oil and gas producers. "The rule essentially allows oil and gas companies to offset all their exploration costs against profits on their current production, let’s say from profitable wells in the North Sea. What that means is that fossil fuel firms can claim back the money they spend on fracking against their taxable profits from conventional UK oil and gas extraction – reducing their tax bill. It acts as an incentive for companies to keep exploring – assuming they produce oil and gas in the UK. If they find reserves, they increase the value of their firm – if they find nothing the loss on the exploration is effectively shared between the company and the taxpayer."

Video - Economy - Max Keiser on Fracking
As 1000s of fracking wells are left abandoned and orphaned across the USA leaving the "clean up" capping and decommission to the taxpayer, with a nod also to Sellafield decommission.... The UK government puppets are still set to start drilling in the UK... KErchinnng!

Video - Max Keiser talks about the economics of fracking
Published on 18 Jun 2014. Max Keiser attended the London event organised by 'We Need To Talk About Fracking". He spoke to us about the lack of economic argument around fracking, other than that a handful of traders will make a fast profit.

Video - part 1 Richard Heinberg On Snake Oil: How Fracking's False Promise Imperils Our Future
Recorded February 25th, 2014 in Vancouver, BC. Richard Heinberg speaks on his newest book, covering the short-term nature of the recent North American oil boom and the financial bubble that supports it. Heinberg covers the implications of the 2016-2017 peak in unconventional output by providing essential information for any community facing the false promises of companies planning to extract reality

Fracking to deliver tens of billions to UK supply chain
The publication of a separate report mapping billions of barrels of shale oil that lie beneath the south of England has now been delayed until at least late May, The Telegraph has learn