If there is any doubt about where “America’s 100 Year Supply” of fracking BS is going . . . it’s to China.
http://fuelfix.com/blog/2013/02/25/sinopec-to-buy-chesapeake-energy-assets-for-1-02-billion/
Who just bought another big chunk of “America’s Energy Independence.” Cheap. Note that, whereas allowing foreign companies to buy American oil and gas reserves was never allowed by former administrations, the fracking lobbyists in Washington have removed that obstacle:
U.S. energy acquisitions may soar after CNOC this month won approval from the U.S. Committee on Foreign Investment to buy Nexen Inc. (NXY) for $15.1 billion.
As Dory has previously detailed here, it’s open season on US oil and gas reserves:
http://www.nofrackingway.us/2013/01/23/chinopeake-natural-gas/
Meaning, America’s Energy Future is now being sold off to foreigners. We keep the pollution, the frack truck convoys, the cratered mortgages and the Chinese get the gas. Sound like a good plan to you ?
Who in the Obama Administration woke up one morning and decided it was a good idea to allow foreign companies to buy strategic US oil and gas reserves ? And how much did they get paid by the gas lobbyists to come to that conclusion ?
How much is actual gas/oil and how much is HYPE? If the Mississippi Lime Basin is such a huge producer….why is Chesapeake selling?
1. It’s more hype than reality, and the numbers have been “cooked”
2. Chesapeake is in a huge financial hole and needs to raise cash.
3. Probably both