Photographer Takes Pictures, Says Shale Gas Bubble is a Reality
From the Huffington Post comes an article about why all should believe the claims that the shale gas bubble will pop and leave plenty of damage in its wake. The interesting thing about this article is that it was written, not by a geologist or an economic expert, but by a photographer.
Market bubbles come and go, but they all have things in common: a few people get rich, a lot of people get taken, and a mess is left for the taxpayers to clean up. To understand the hydro-fracking bubble, there are some things one must know: each well only produces a little gas (and exhausts relatively quickly), reserves were significantly overstated at the beginning of the game, and most important: Wall Street is very invested and wants its money out.
The devastating environmental effects of the process are well documented, and not the subject of this essay (water depletion, water pollution, habitat and farmland destruction, and significant climate change impacts).