Fracking and Big Money

Shale Boom in Texas Could Increase U.S. Oil Output

“Oil money just makes life easier.” The remarks of Bert Bell, a truck company manager …making $525,000 leasing mineral rights around his family’s mobile home in Texas.  The new drilling makes economic sense as long as oil remains above $60 a barrel, according to oil companies.  At current prices of about $100 a barrel, shale wells can typically turn a profit within eight months – three times faster than many traditional wells.

EOG (EOG Resources, Inc. is one of the largest independent (non-integrated) oil and gas companies in the United States. EOG has been called a no-excuses company.)  began quietly buying the rights to thousands of acres in the Bakken and Eagle Ford, in Texas.

                                                                                    New York Times, May 28, 2011

WHO WILL CONTROL THE COST OF GAS IN THE NEXT TEN YEARS?