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Kate Fried, Food & Water Watch, (202) 683-2500, kfried(at)fwwatch(dot)org
Industry Insider Skepticism Over Shale Gas Fracking Reinforces Need for Federal Ban
Statement of Food & Water Watch Executive Director Wenonah Hauter
WASHINGTON - June 27 - “The New York Times’ recent series on shale gas fracking reinforces deep concerns voiced by Food & Water Watch that the so-called promises of fracking as a bridge to energy independence have been gravely over-hyped by the natural gas industry and certain policymakers.
“The fact is that the natural gas industry has exaggerated the economic benefits of fracking while downplaying its risks to public health and the environment. Meanwhile, when skeptical industry insiders evoke terms like ‘Ponzi scheme,’ ‘bubble,’ and ‘Enron’ to describe the actual potential of shale gas fracking, you know there’s a profound problem.
“The very fact that Chesapeake Energy chief executive Aubrey McClendon admitted to investors that his company is reselling fracking leases for 5 to 10 times their actual value is indicative of a reckless and dangerous mentality of invincibility reminiscent of Ken Lay’s during his years at Enron.
“These revelations further prove that the Obama administration is pursuing a misguided course in encouraging the proliferation of this toxic, dangerous practice. Rather than incentivizing shale gas fracking it should devote resources to developing truly sustainable energy solutions that won’t harm public health or the environment. In the meantime, President Obama should impose a national ban on shale gas fracking.”