{"id":176380,"date":"2020-06-29T19:54:00","date_gmt":"2020-06-30T00:54:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2020\/06\/29\/i-think-that-the-fracking-bubble-has-officially-burst\/"},"modified":"2020-06-29T19:54:00","modified_gmt":"2020-06-30T00:54:00","slug":"i-think-that-the-fracking-bubble-has-officially-burst","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2020\/06\/29\/i-think-that-the-fracking-bubble-has-officially-burst\/","title":{"rendered":"I Think That the Fracking Bubble Has Officially Burst"},"content":{"rendered":"

I have been observing for some time now that the fracking bubble is unsustainable<\/a>.<\/p>\n

Even ignoring the anthropogenic climate change issues,*<\/sup> fracked oil and gas is expensive, and the drop-off on wells is 10 to 20 times that of conventional wells.<\/p>\n

Simply put, it’s been a game of musical chairs, with investors and executives fobbing debt off on idiots, and they have run out of idiots<\/p>\n

Basically, this was looting disguised as the energy industry, as evidenced by spending that would make Dennis Koslowski\u2020<\/sup> blush.<\/p>\n

The biggest player in the field, Chesapeake Energy, has filed for bankruptcy<\/a>, and the looting is on full display:<\/p>\n

The fracking giant\u2019s bankruptcy filing comes following a financial mess at the company that included no budgets, a massive wine collection and a nine-figure bill for parking garages, sources told CNBC\u2019s David Faber<\/a>.<\/span>

<\/span> CEO Robert D. \u201cDoug\u201d Lawler found in examining the company\u2019s books a $110 million bill for two parking garages, Faber reported Monday. Other revelations include a wine collection in a cave hidden behind a broom closet in the Chesapeake office. Extravagances further included a season ticket package to the NBA\u2019s Oklahoma City Thunder that was the biggest in the league and a lavish campus that was modeled after Duke University, complete with bee keepers, botox treatments and chaplains for employees.<\/span><\/p><\/blockquote>\n

Another big player in fracking, Lilis Energy has filed for bankruptcy as well<\/a>.<\/p>\n

Don’t worry about the senior executives who drove the companies into the ground though, they get their multi-million dollar retention bonuses anyway<\/a>.<\/p>\n

We really need to fix our corporate bankruptcy laws.<\/p>\n

*<\/sup>Apart from that Mrs. Lincoln, how was the play?<\/span>
\u2020<\/sup>Dennis Kozlowski<\/a>, the former head of Tyco international, who had the company buy him things like art and $6,000 shower curtains.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

I have been observing for some time now that the fracking bubble is unsustainable. Even ignoring the anthropogenic climate change issues,* fracked oil and gas is expensive, and the drop-off on wells is 10 to 20 times that of conventional wells. Simply put, it’s been a game of musical chairs, with investors and executives fobbing …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[368,457,456],"class_list":["post-176380","post","type-post","status-publish","format-standard","hentry","tag-corruption","tag-energy","tag-finance"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/176380"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=176380"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/176380\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=176380"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=176380"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=176380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}