Fracking “Revolution” continues to be a disaster for investors and more

❝ Steve Schlotterbeck, who led drilling company EQT as it expanded to become the nation’s largest producer of natural gas in 2017, arrived at a petrochemical industry conference in Pittsburgh…with a blunt message about shale gas drilling and fracking.

“The shale gas revolution has frankly been an unmitigated disaster for any buy-and-hold investor in the shale gas industry with very few limited exceptions,” Schlotterbeck, who left the helm of EQT last year, continued. “In fact, I’m not aware of another case of a disruptive technological change that has done so much harm to the industry that created the change.”

“While hundreds of billions of dollars of benefits have accrued to hundreds of millions of people, the amount of shareholder value destruction registers in the hundreds of billions of dollars,” he said. “The industry is self-destructive.” [emphasis added]…

❝ “The technological advancements developed by the industry have been the weapon of its own suicide,” Schlotterbeck added, referring to the financial impacts of shale gas drilling on shale gas drillers. “And unfortunately, the industry still has not fully realized how it’s killing itself. Since 2015, there’s been 172 E&P company bankruptcies involving nearly a hundred billion dollars of debt.”

❝ “In a little more than a decade, most of these companies just destroyed a very large percentage of their companies’ value that they had at the beginning of the shale revolution,” he said. “It’s frankly hard to imagine the scope of the value destruction that has occurred. And it continues.”

Our fake president wants to make it easier for this clown show to borrow even more money. When this paper edifice crashes and burns – what do you think will be the effect on the nation’s economy?

Supply-side heroics

Donald J. Trump @realDonaldTrump 7:44 AM – Jun 15, 2019: “The Trump Economy is setting records, and has a long way up to go….However, if anyone but me takes over in 2020 (I know the competition very well), there will be a Market Crash the likes of which has not been seen before! KEEP AMERICA GREAT”

Just another supply-side creep who hopes the inevitable crash from mediocre economics happens after he lies his way into a second term. [In case you don’t recall Ronald Reagan’s White House career]

3 million US students don’t have access to internet at home

❝ With no computer or internet at home, Raegan Byrd’s homework assignments present a nightly challenge: How much can she get done using just her smartphone?

On the tiny screen, she switches between web pages for research projects, losing track of tabs whenever friends send messages. She uses her thumbs to tap out school papers, but when glitches keep her from submitting assignments electronically, she writes them out by hand…

❝ She is among nearly 3 million students around the country who face struggles keeping up with their studies because they must make do without home internet. In classrooms, access to laptops and the internet is nearly universal. But at home, the cost of internet service and gaps in its availability create obstacles in urban areas and rural communities alike.

Please, don’t waste time patting yourself on the back because you did homework BITD by hand before the Internet existed, blah, blah, blah. I’m older than probably 99% of folks on the Web nowadays and I wouldn’t go back to what was available when I was a high school senior in 1954/55 on a bet.

I’ve been online for 36 years and I wouldn’t go back to all the previous means for information search and retrieval for any reason. Books are great, TV and film helps, any number of sources perform well – when available. And with decent broadband access, available means more information is ready to access than you can dream of. For a school age child, nowadays, the Web is the best choice there is.

Then you have to deal with all the reasons it isn’t available for lots of folks, lots of schoolchildren. Starting with cost.