Previously in this blog, I commented on the Chesapeake to France sale of land leases for drilling rights in Ohio. It is clear that the story being told about the dire need for natural gas drilling via hydrofracking is a lie. It's not the gas that will produce benefit - it's the sale of the land leases. Today, Yahoo news published a story about CEO Aubrey McClendon's unreported loans totaling $1.1 billion. The loans were not reported to shareholders of Chesapeake Energy Corp and were taken against his own stake in thousands of company wells. Without drilling Mr McClendon loses and the company would face difficult times.
So is your light bulb shining with ideas here?
Chesapeake has been a major player in the push for acquiring land leases for the future of natural gas drilling. It owns land leases in Ohio, Pennsylvania and New York (among other states) in the regions where natural gas could be fracked from the shales of the Marcellus and Utica formations. In these highly populated regions, the opposition is strong against creating such an industrialized, gas drilling environment.
However, the gas industry would like us to believe that it is "for the good of mother, God and country" to push forward with the drilling. What is important to recognize is that fracking is MORE important to the corporations themselves and their CEO's and shareholders!
Acquiring the land and establishing drilling rights creates a product more valuable for sale to other foreign investors than the gas itself. Report after report keeps telling us the price of natural gas is falling! Currently the gas prices at the pumps are rising for no good reason other than to create urgency to push forward with drilling for more gas. Its all a big lie. This is a hot potato game and the American citizens are the ones left with the potential bomb. Remember the mortgage crisis mess ... can you even fathom what the result would be if foreign investors owned the lease on your land?
The only solution to our energy needs for the future is to move away from fossil fuels once and for all. Destroying our lands, our communities and polluting our environment make no sense for our future generations. We can do better.
In the days to come it will be crucial to keep an educated eye on the financial operations of the gas and oil industry corporations. What is published as news and advertisements must be scrutinized on every line and between the lines for what is truly at stake. Fracking is not the answer to our future.