Many of us have discussed the environmental costs of fracking, for example The Death-cycle of Fracking .
“There’s a lot of Kool-Aid that’s being drunk now by investors,” Tim Gramatovich, who helps manage more than $800 million as chief investment officer of Santa Barbara, California-based Peritus Asset Management LLC. “People lose their discipline. They stop doing the math. They stop doing the accounting. They’re just dreaming the dream, and that’s what’s happening with the shale boom.”more below the amourous snails.
While small investors (i.e dumb money) are staying in, the big oil companies (i.e. smart money) is bailing out. Oil and gas majors now cutting back in U.S. shale gas fields
British Petroleum, Chevron, ExxonMobil and Royal Dutch Shell have all announced they will be spending less on oil and gas exploration in the U.S. Allen Brooks, Managing Director of Parks Paton Hoepfl & Brown, an independent Houston, Texas based investment banking firm, stated yesterday, “Chevron is the latest major oil company to implicitly declare that the oil industry has entered a new era – one marked by higher costs and more disciplined capital investment programs,”.Maybe this can stop the environmental destruction -- we certainly cannot expect our political system to do so.