Exxon CEO Under Fire for Hypocritical Stance on Neighborhood Effects of Drilling

By -
From Forbes:
Meet Rex Tillerson, the CEO of oil and gas superstar ExxonMobil Corporation—the largest natural gas producer in these United States of America—and a newly emerging giant in the world of exquisite hypocrisy.
A key and critical function of Mr. Tillerson’s day job is to do all he can to protect and nurture the process of hydraulic fracturing—aka ‘fracking’—so that his company can continue to rack in billions via the production and sale of natural gas. Indeed, so committed is Rex to the process of fracking that he has loudly lashed out at those who criticize and seek to regulate hydraulic fracturing, suggesting that such efforts are a very bad idea, indeed. 
According to Tillerson, “This type of dysfunctional regulation is holding back the American economic recovery, growth, and global competitiveness.”
Thus, according to Rex Tillerson, nobody should have much of a reason to be disturbed or concerned when ExxonMobil comes knocking on your door to deliver the news that fracking is about to become a part of your daily life…unless, or course, you happen to live in Mr. Tillerson’s neighborhood.
In that case, the rules are, apparently, very, very different.
You see, while Tillerson believes that the inevitable noise pollution that accompanies the fracking process—not to mention the potential for water contamination and other dangerous side-effects even when it is done safely (and some would strenuously argue that it is not possible to frack safely)— is of no real significance when it affects someone else’s neighborhood, he surely thinks it to be a pretty big deal when someone dares to get involved in fracking in Rex Tillerson’s neighborhood.
So much is this the case that Tillerson—ExxonMobil CEO and proud proponent of fracking as a key to both America’s and his company’s great energy future—has joined a lawsuit seeking to shut down a fracking project near Mr. and Mrs. Tillerson’s Texas ranch.
Read the entire article here.

Connect with us on Facebook and Twitter!

Popular posts from this blog

Fracktivist in Dimock Releases Carefully Edited Video, Refuses to Release the Rest

By -
Image
From Energy in Depth: There is something very strange going on along Carter Road, in Dimock, Pennsylvania, and I’m not speaking of natural gas, methane migration, contamination, litigation or even the extensive water testing there by the EPA and others.  No, I’m talking about a new “Watergate” conspiracy, complete with 18 minutes of missing tape (well, video, actually). It seems the ever-present Green Party member and  naturist   Vera Scroggins  (a/k/a  Vera Duerga ) has posted a video of Craig Sautner meeting with the EPA.  Mysteriously, the video is but 14 seconds in length, cutting off conversation in what is obviously mid-stream.  It raises a question Craig Sautner, like  Ronald Reagan in Kings Row , might have asked, “Where’s the rest of me?’  Carter Road, isn’t Kings Row, of course, (at least not until you arrive at  the mansion Scott Ely, one of the Dimock litigants, is building with his royalty money ), but there appears to be a whole lot of film editing going on there to fi
Read more

The Second Largest Oil and Gas Merger - Cabot and Cimarex

By -
Image
       Due to investor pressure, the U.S shale drillers are being pushed to improve financial and operational performance after a few years of poor returns. Even though the industry has improved its numbers, when compared to last year, investors still want more to be done for them to earn more money.      That's why two mid-tier shale drillers, Cabot and Climarex, have decided to merge in order to eliminate $100 million in annual costs, which means more money for the investors. This all-stock transaction is valued at about $7.4 billion, which is relatively high for the oil and gas sector.      The new entity will be renamed and the headquarters located in Houston, Texas. Cabot shareholders will own 49.5 percent of the new entity, and Climarex the rest.       The Cimarex-Cabot merger will address the investor's demand for a higher amount of returning cash. The initial plan is to pay a 50-cent-per-share special dividend on closing the deal while offering a quarterly variable div
Read more

Is a Strong Oil Demand Expected This Year?

By -
Image
  According to the world's largest oil traders, global oil demand is set for a rebound. Between now and the end of 2022, global consumption is expected to increase by up to 8 million barrels each day. Vitol Group, the world's largest oil trader, supports this statement.  In an interview with Bloomberg, Vitol's chief executive Russell Hardy said, "We'll need all eight cylinders to get through 2022". This, of course, is due to the lower than average demand for oil at the moment. Reopening economies and Asian markets will create a strong demand rebound by the end of this year and in 2022.  Although the demand for jet fuel will slowly increase, it will still be below average at the end of the year. Nevertheless, a surge in petrochemicals will offset the expected delay in jet fuel demand. Last year, the oil surplus reached a record of 1 billion barrels. This excess is already more than halfway drained, and experts believe it will be depleted by the third quarter th
Read more