Read the latest insights and analysis from the experts at Oil Change International.
Last week, new British Prime Minister outlined plans to frack in the UK. However, experts, scientists, activists, NGO’s and even Truss’s own MPs, believe that fracking will fail in the UK.
One of the leading trade associations promoting fracking in the U.S. sees Putin’s war in Ukraine as a flagrant opportunity to sell more LNG gas. And lots of it. They are calling on the U.S. to “unleash American energy’s strength and security”.
A report from the financial auditing firm Deloitte says the “reality is that the shale boom peaked without making money for the industry in aggregate. In fact, the US shale industry registered net negative free cash flows of $300 billion, impaired more than $450 billion of invested capital, and saw more than 190 bankruptcies since 2010.”
A new study published last week confirms what we already knew about oil and gas in the Permian Basin. It's an unmitigated disaster.
The unthinkable could soon be thinkable.
We’re blowing through our carbon budget the way an addict blows through cash. At a time when carbon dioxide pollution is higher than it’s ever been.
The local protesters, typified by the wonderful Nanas, maintained a protest camp against Cuadrilla through rain and shine, through hail and snow, through night and day, they said they had the science behind them, they had history on their side. But it was a David and Goliath fight. And as of last Friday, David has won. For now at least.
For years, Cuadrilla has ignored climate science, ignored the geology, and ignored local people and politicians. And despite millions being spent by naïve and belligerent investors, their efforts have resulted in a fracking failure.
“There is no regulatory framework for fracking that will keep the toxins out of air and water, or will protect the climate from carbon and methane releases. It can’t be done. It can’t be made safe. Like lead paint, we finally have to ban it."
The world’s largest oil exporter has signalled that it is investing in the world’s largest shale play. And that can only be further bad news for the climate.
