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Russia Blamed, US Taxpayers on the Hook, as Fracking Boom Collapses

Ben Ptashnik is a former state senator from Vermont, national campaign coordinator for Progressive Democrats of America and president of People Demanding Action
 link to truth-out.org

In three out of seven major fracking fields in North America, companies are already reporting losses, with closures particularly acute in Canada. It's not clear whether economists fully appreciate what's about to transpire. This decline in rig count is just the beginning. Perhaps the end will come as early as this winter or spring, as fiscal reports for 2014's fourth quarter are published, operations shut down, crews are laid off, and many unprofitable oil and gas rigs are mothballed.

So, whom will the banks, brokers and investors scapegoat for this upcoming crash? Some predict that they will likely use every available media outlet to blame community activists, Democrats and Obama for stopping the Keystone pipeline and for opposing the fracking industry. And as in the climate change denier movement, the narrative will probably use "communist" and "socialist" rhetoric, which is why the Russian card is so important to play: Hence the Higgins article.

The pundits on Fox will likely play on the patriotism of the right and use their Big Lie ploy (say something enough times, it becomes the truth) to the hilt. Six months from now, while studiously avoiding mention of our "allies," the Saudis, or the Wall Street banks, they will likely be vociferously defending those poor "beleaguered US oilmen" who could have made our country strong and independent again in energy, but were broken by the Democrats and those "commie environmentalists" working for Putin. The market crash will be blamed on the "climate hoax."

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Saudis 15.Jan.2015 19:58

vv

OPEC and the Saudis primary are keeping their production up which is flooding the market with cheap oil in order to drive the frackers out of business over the next 3 years.

Fracking is that big of a financial threat to OPEC that the Saudis are willing to take a short term hit in order to shut fracking the fuck down.

Fracking and this also fucks the Iranians whom the Saudis hate and are afraid of.

This Whole Fracking Bust Article Is Erroneous! 16.Jan.2015 22:46

blues

It's all balderdash. Most informed analysts believe that the Saudis et al. have lowered oil prices to weaken the Russian gas/fuel industry. Europe needs Russian gas (not oil), and it can't be shipped economically because it must first be liquified for tanker shipment. 50% of the gas energy gets used up cooling and compressing the gas to liquify it, and moving it, and there are not enough tankers available anyway.

Fracking is ruining the North American Continent, since, in actual practice, it permanently poisons the ground water in the regions in which it is practiced. And we will run out of fresh water 10X faster than we run out of fuel. So ending the fracking is really saving North America itself.

In some other article, I will describe how nuclear fission (both uranium and thorium versions) is not viable. These technologies will lead to utter ruin. Instead of subterrestrially and suboceanically derived fuels, we will need fusion energy. And not magnetic confinement fusion reactors (e.g. tokamacs), which will never produce energy, but only massive amounts of deuterium for weapons. We will need inertial confinement fusion reactors. And also compressed synthetic methane gas for portable power.

However, the oligarchist Council on Foreign Relations dolts are pathologically stupid, so our future is in grave doubt.