The Progressive


A project of Common Dreams

For Immediate Release

Kate Fried, Food & Water Watch, (202) 683-2500, kfried(at)fwwatch(dot)org.

Pickens Dumps Chesapeake, Showing that Natural Gas "Boom" is a Bust

Statement of Food & Water Watch Executive Director Wenonah Hauter


Washington, D.C.--"T. Boone Pickens's recent divestment from Chesapeake Energy shows that natural gas is a house of cards, and that even one of its biggest cheerleaders has grown wise to this fact.

"Pickens dropped his holdings in Chesapeake citing low prices, also stating that 'natural gas has been a disaster.' These are the same low prices that are making it preferable to sell our domestic energy to China and India, rather than provide us with the energy security that the oil and gas industry promised with expanded gas development.

"The industry also promised that natural gas would bring jobs. But our analysis has shown that the oil and gas industry's job claims are inflated. Now even high-profile investors are fleeing the gas game. It's becoming increasingly difficult to think that this controversial energy source will benefit the American public in any way.

"The oil and gas industry is industrializing rural communities and destroying our air and water, with no real benefit to anyone--not even investors."

Food & Water Watch mobilizes regular people to build political power to move bold and uncompromised solutions to the most pressing food, water, and climate problems of our time. We work to protect people's health, communities, and democracy from the growing destructive power of the most powerful economic interests.

(202) 683-2500