Shale’s not setting the world alight
POSTED ON JULY 15 2015
I saw this in the FT this morning:
BHP Billiton expects to book a $2bn impairment charge following a review of its US shale assets.
My friend and fellow Green New Deal group member Jeremy Leggett has long suggested such write dciowns were coming. Shale is not, to oput it bluntly, delivering on the promise.
We need that Green New Deal.
And the Green Infrastructure Quantitative Easing to fund it.
Billiton is writing down its shale assets because gas is very cheap these days.
So, proof that technology is making a natural resource cheap is taken as evidence that technology isn’t successful at making a natural resource cheap.