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View Diary: The rebirth of rural populism in Upstate New York (59 comments)

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  •  The Pyramid Exposed in the NYT (5+ / 0-)
    Recommended by:
    zenyata, tardis10, PinHole, fuzzyguy, DianeNYS

    The New York Times published in October 2012 a fairly incisive overview of the fracking pyramid scheme: "After the Boom in Natural Gas". It describes an old boy network (rooted in a Duke University frat and its alums) that turned the contrived boom into literally $BILLIONS in fundraising, an "instant bubble" that is already popping even as the gas just comes online. And will wreck our drinking water probably worse than these banksters have wrecked our savings.

    "When the going gets weird, the weird turn pro." - HST

    by DocGonzo on Mon Jan 14, 2013 at 05:26:17 AM PST

    [ Parent ]

    •  I read it when it came out; great article. (3+ / 0-)
      Recommended by:
      tardis10, PinHole, fuzzyguy
    •  Art Berman (2+ / 0-)
      Recommended by:
      PinHole, fuzzyguy

      has been the leading contrarian vs. the natural gas companies and has been saying for years that this whole idea that there are "100s of years worth of gas" in tight formations just waiting to be fracked is a whole lot of hot air...

      He has continuously been derided by the Wall Street Boyz as not understanding the "this time it's different" scenario that throwing huge amounts of $$ will produce.

      Berman (a petroleum geologist) generally says nice try but sorry to say most of you "smartest guys in the room" types don't know the first thing about geology.

      Pay close attention to the resources assessment vs. reserve numbers - that's where the rubber meets the road...

      http://petroleumtruthreport.blogspot.com/

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