Shale and its Discontents The New York Times still doesn’t get the shale revolution. The shale-gas (and shale-oil) revolution is the single most important development in the North American energy sector since the discovery of the East Texas Field in 1930. But you won’t get that story by reading theNew York Times. Instead, two recent articles by Ian Urbina, the Times’ designated reporter on shale development, claim that the shale business is overhyped. On Sunday, June 25, the paper ran a front-page story that relied largely on anonymous sources who used phrases such as “giant Ponzi schemes,” “inherently unprofitable,” and “an Enron moment” to describe the last few years of shale development in the U.S. The story ended with yet another unattributed quote, which discussed a rather lackluster well that had been drilled into a shale bed in Europe. An employee of an oil-field-services company said the well “looked like crap” and that it would likely be sold to another company. According to the anonymous source, there’s “always a greater sucker.”READ FULL POST HERE |
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