Wednesday, December 16, 2015

National Parks won't be Fracked.



Fracking for gas in the UK has always been a Ponzi Scheme. The geology is far more complex than in the USA and consequently the productivity and profitablility of ventures here have always been in doubt. There has never been a possibility that the sort of environmental impact seen in the US would be tolerated here.

As I pointed out here. and in other blog-posts in 2013, fracking in the UK has been pursued because inward investment can be spent by the directors of the companies now, and then in a few years when the scheme is abandoned, the investors will find they have lost out. Close relatives of senior government ministers stand to make a lot of money by convincing potential investors that there's money to be made in fracking. The latest farce concerning National Parks is just the latest PR effort to keep the money flowing in by sending a message that the government supports fracking.

Think about it; today's change to the rules allow sideways drilling to expend under National Parks from well-heads outside the boundary. There are only limited places where that would be geologically possible and will make no material difference to the industry.

In the USA the fracking industry is in deep trouble, debts are mounting and profits have gone. Our Paris COP21 Agreement means that these new sources of fossil carbon have to be left underground. To pretend that fracking will take place in the UK on any significant scale is delusional. We should focus our efforts on pointing out the Ponzi nature of the idea, warning gullible investors to find safer homes for their money, such as windfarms.



    Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator.

    Ponzi scheme - Wikipedia, the free encyclopedia

    https://en.wikipedia.org/wiki/Ponzi_scheme
    Paul Mobbs has updated his Frackogram - the diagram that summarises the vested interests and relationships in the UK fracking industry.  It is well worth close scrutiny.

2 Comments:

Blogger Biff Vernon said...

Interesting information on who owns the fracking industry has turned up: http://energydesk.greenpeace.org/2015/12/16/revealed-cuadrilla-and-leading-fracking-firms-tax-haven-ownership/

6:56 pm  
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