First it was, and still is, the EPA that was attacking the energy industry on all fronts. Now joining the EPA is the SEC and their idea is to show investors fracking is not in the best interests of the country, causing water and air pollution, and therefore not a good investment. The agenda of the SEC is to cut off funding for companies using fracking to produce natural gas, i.e., destroy the industry.
What other department of the federal government can the progressive left Democrats use to stop energy production?
Read this as just another attack on energy production of any kind, especially fossil fuel production. There isn't any information available to substantiate problems with air or water contamination so the SEC, maybe even ordered by the White House, to dig up any problem that might have occurred in the last 60 years that the progressive left Democrats can use to stop fracking for natural gas.
The environmental fascist and progressive liberal left Democrats will leave no stone unturned to stop this country from economic success and the advancement of individual freedom and the best way, they believe, is to kill the production of fossil fuel.
Securities and Exchange Commission Bears Down on Fracking
Source: Deborah Solomon, "SEC Bears Down on Fracking," Wall Street Journal, August 25, 2011.
The Securities and Exchange Commission (SEC) is asking oil and gas companies to provide it with detailed information about their use of a controversial drilling process used to crack open natural gas trapped in rocks. Some lawmakers and environmental watchdogs have criticized the process of hydraulic fracturing (or "fracking"), which involves pumping water, chemicals and sand underground to free difficult-to-reach natural gas in shale basins, says the Wall Street Journal.
Their concerns are that air and water may be contaminated when the process causes natural gas to seep into residential water wells. But there have been few if any documented cases of contamination by the chemicals used in hydraulic fracturing. The industry acknowledges that improperly constructed wells can allow gas to escape, but says such cases are rare and aren't directly tied to fracturing itself.
Additionally, the SEC is seeking information on chemicals used and efforts by companies to minimize environmental impact.
While the Environmental Protection Industry is collecting information about the process, the SEC has explained that its involvement in fracking cases is meant to insure that investors are being told about risks a company may face related to its operations, such as lawsuits, compliance costs or other uncertainties.
The SEC is also investigating whether companies are overstating the long-term productivity of their natural-gas wells and has issued subpoenas to at least two firms.
Fracking is primarily regulated by states and is largely exempt from some federal statutes, such as the Safe Water Drinking Act.
No comments:
Post a Comment