Democratic state Rep. Mike Foote of Lafayette figures he ran up to a dozen oil and gas regulatory measures that cleared the Democrat-controlled House of Representatives, only to see most of them die in the Republican-controlled state Senate.
Though Foote won’t be around the legislature to see it because he didn’t seek re-election, the future could be different for regulation of the industry now that the Democrats also have taken control of the Senate with Tuesday’s election, which also saw Democrat Jared Polis elected governor.
While Proposition 112, which would have imposed a 2,500-foot setback between drilling and homes as well as vulnerable areas such as streams and recreation areas, lost this week, Foote points out that more than 800,000 Coloradans voted for it.
NEW YORK, Nov. 08 /CSRwire/ – Having failed to block its $12 billion Ecuador pollution liability despite two decades of massive spending, Chevron now faces a slew of growing problems after Canada’s courts green-lighted a lawsuit by Indigenous groups and farmer communities to seize company assets to remediate the world’s worst oil-related environmental disaster.
Chevron’s recent setbacks in Canadian courts and increasing pressure from company shareholders, activists, and Indigenous groups appear to be fraying nerves inside the executive suite of company CEO Mike Wirth, said Patricio Salazar, the lead Ecuadorian lawyer on the case. Chevron has an estimated $15 billion of assets in Canada that produce roughly $4 billion annually in profits. The affected Ecuadorian communities plan to seize some those assets to force compliance with their judgment, now worth $12 billion with interest, said Salazar.
As I have written in this space many times since 2014, there are numerous important reasons why the citizens of Colorado badly need increased setbacks between oil and gas operations and occupied buildings, schools, hospitals and water supplies. Fortunately, that is exactly what will be created provided the majority of us vote yes on Proposition 112.
The research is in. Hundreds of studies have now found evidence that living near oil and gas operations is dangerous to your health, dangerous as in increasing your chances of getting cancer, having birth defects, premature births, respitory problems, etc. In 2018, it’s fair to say the scientific and medical communities are now in full agreement that putting these heavy industrial operations near where people live and work is a serious health risk. And of course, we don’t need studies to tell us that when these operations are near homes and they cause explosions they are a serious risk. All we have to do is visit our local cemeteries to confirm that point. Unfortunately, the rate of such deadly explosions in Colorado is accelerating even as industry operations move further into our neighborhoods.
UNIVERSITY PARK, Pa. — Elevated concentrations of strontium, an element associated with oil and gas wastewaters, have accumulated in the shells of freshwater mussels downstream from fracking wastewater disposal sites, according to researchers from Penn State and Union College.
“Freshwater mussels filter water and when they grow a hard shell, the shell material records some of the water quality with time,” said Nathaniel Warner, assistant professor of environmental engineering at Penn State. “Like tree rings, you can count back the seasons and the years in their shell and get a good idea of the quality and chemical composition of the water during specific periods of time.”
Several things are important in this report. Number one, Darko is $14.5 billion in debt. And even with high oil prices this year its free cash flow was over $500 million less than its operating costs. McLean in Saudi America defines free cash flow as cash generated from operations, less capital expenditures.p 47 For those of us who worked a cool-aid stand in the front yard, this sounds a lot like profit. McLean also explains for those who’ve never owned a kool-aid stand that “the fracking boom was fueled mostly by overheated investment capital, not by cash flow.” p 18 We can thank the Bush and Obama administrations for allowing all that “quantitative easing,” which was nothing more than free money coming off the printing presses at the deceptively named Fed to prop up Wall Street’s bad debt. Kool-aid stand operators need not apply. Trump is now objecting to the itsy-bitsy interest rate hikes by the Fed. The frackers can only survive when the Fed keeps the printing presses rolling. Money must be abundant and loaned recklessly,the Street’s transaction fees keep the game alive. As Wendell has demonstrated, oil must be at about $100 a barrel for the frackers to break even. The economy would shrink quickly with oil at that price point. Like cost certainty? Give renewables a try!
I don’t know how you convince the politicians, those few who climb and claw over each other to be first among us, to understand this Ponzi. It seems hopeless. It makes me think most of them never worked a kool-aid stand.