I saw this in the FT this morning:
BHP Billiton expects to book a $2bn impairment charge following a review of its US shale assets.
My friend and fellow Green New Deal group member Jeremy Leggett has long suggested such write dciowns were coming. Shale is not, to oput it bluntly, delivering on the promise.
We need that Green New Deal.
And the Green Infrastructure Quantitative Easing to fund it.
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Profitable it may not be but the quantity added has served a very useful purpose in adjusting expectations and the price(which there will be some who have benefitted)…
“Drillers’ debt ballooned to $235 billion at the end of the first quarter”
http://www.bloomberg.com/news/articles/2015-06-18/next-threat-to-u-s-shale-rising-interest-payments
People are not seeing the ‘shale industry’ for what it really is. The gas/oil are nothing more than a sideshow and a public/media deception. The wealth is in both a. Water Futures ( a long term future agenda) and b.Asset stripping the wealth out of land/property owned by the middle classes ( the more immediate agenda at hand) There is no money left to strip from the bottom of society, so the game has shifted upwards. Such has been growth of private property ownership in the UK, to forceably devalue private property it is the best way to ‘free up’ this most lucrative commodity market.
Look at Farming in Australia, India, US. There are many early warning red flags :
https://www.youtube.com/watch?v=BVgc2F4xgvM&list=FLMg2x5PqJxZWindk-JVsBEA
Unfortunately the British public are still stuck back at hurdle no.1 debating the ridiculously irrelevant visual issues of solar and wind, whilst being fooled into being unconcerned by the real damage that is done by underground wells ( out of sight, out of mind..)