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Saturday, July 30, 2011

Urbina's Latest New York Times Gas Attack

Regulators Seek Records on Claims for Gas Wells

Published: July 29, 2011
WASHINGTON — The Securities and Exchange Commission sent subpoenas this week to energy companies asking them for documents about how they calculate and publicly disclose the performance of their shale gas wells, according to oil and gas industry lawyers.

1 comment :

Anonymous said...

The industry has mislead the public about the risks posed on the environment,air,water wells and the public's health.
Why would the investors and regulators just "assume" the industry would be trustworthy in their production and performance reports?
I "assume" a tiger couldn't change it's stripes.

Should this SEC investigation find the industry HAS inflated production performance to investors the industry is in for a downward spiral.

The oil and Gas industry has a century long plus history in Pennsylvania of abandoning wells they deem no longer profitable.

The DEP has a list of thousands of abandon,orphan and unplugged wells.Pennsylvania doesn't have the funds to plug them.

Many are left unplugged and allowed to leach contaminants for decades.
Pennsylvania (some good leases do) should require companies to provide funding to plug Marcellus wells before they are drilled.