Natural gas and capitalism to the rescue

Subject: txt engry lbrty gdd -
Last week's announcement by ExxonMobil that it would acquire XTO Energy in an all-stock transaction (with debt assumption) valued at $41B marks the most significant energy-related news event of the year for Americans. With Copenhagen hypocrites humbled but not destroyed, and cap-and-trade legislation still lurking in Congress, we needed something to cheer about.

This domestic transaction is the largest Exxon has made since its merger with Mobil Oil in 1999. By acquiring XTO, ExxonMobil is declaring to the world just how highly it values domestic natural gas assets and the expertise to extract it from non-traditional sources. Natural gas already contributes 24% to the country's total energy usage and heating half of our homes.

So far, users of hydro-fracing have escaped the wrath of the Clean Water Act because the affected shale deposits are much deeper than aquifers and the industry has a generally excellent record in sealing wells from contact with groundwater. But that exclusion could be in jeopardy.

Democrats led by Edward Markey will hold hearings next year to determine if hydro-fracing merits this ongoing exclusion. Exxon is sufficiently concerned to have inserted an escape clause in their XTO acquisition terms to allow it to scuttle the deal if any new laws make hydro-fracing commercially impractical...

[Ever looking for new ways to commit energy suicide, while the rest of the world laughs at us (most especially our enemies, who's efforts against us we finance...]

[Highly Recommended > ]

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