(PHOTO: A Consol Energy Horizontal Gas Drilling Rig explores the Marcellus Shale outside the town of Waynesburg, PA on April 13, 2012 - AFP Photo / Mladen Antonov )
(March 21, 2013) Some say America's shale energy revolution will provide gas for a century and create millions of new jobs. The only problem with this picture -- it's built on myths, lies and Wall Street hype.
Much has been said about the proven environmental costs of injecting millions of gallons of ultra-toxic chemicals into shale and fracturing the gas free, how it often contaminates underground water aquifers and can induce earthquakes. Little however has been said of the fact that the costs and economics of shale gas in the USA are actually negative.
In reality it is becoming increasingly clear that the shale revolution is a new Ponzi fraud, carefully built with the aid of the same Wall Street banks and their "market analyst" friends, who brought us the 2002-2007 US real estate securitization bubble.