October 24, 2013
The Bakken shale oil field in North Dakota is the scene of 10 class-action lawsuits filed against major oil corporations such as Continental Resources, XTO Energy, SM Energy and Marathon Oil.
The deliberate burning of natural gas has resulted in an estimated 1,500 fires as these oil corporations drill for petrol without utilizing sufficient pipelines to transport the extracted product.
The access gas is burned because of this loophole which the oil corporations view as an expendable loss.
Burning natural gas haphazardly is ensuring that carbon dioxide is released in massive quantities into the atmosphere. NASA is able to photograph this burning from satellites.
This wasted resource is worth an estimated $100 million per month which comes out of the pocket of property owners who are compensated by the oil corporations for their participation with extraction of the natural gas.
The Bakken can produce 850,000 barrels per day which makes this area the number 2 petrol producer after Texas.
According to a report by the US Geologic Survey (USGS), the Lower Three Forks region could contain 3.7 billion barrels as of now undiscovered, yet resumed to by recoverable.
This would only slightly out-shadow Bakken’s potential.
According to a statement from the law firms who filed the suit: “The lawsuits seek to force operators to comply with state law and pay royalties to mineral owners on the value of flared gas, and by so doing create a compelling economic incentive for producers to reduce and eliminate the wasteful practice of flaring.”
The North Dakota Petroleum Council (NDPC) stated: “We recognize that natural gas is an efficient, clean and valuable resource, and that’s why the industry has invested more than $6 billion in new pipelines, processing plants and other infrastructure to move it from the wellhead to the marketplace.”
In 2012, a group of wealthy investors wrote to the largest shale oil producers and said: “We are concerned that excessive flaring, because of its impact on air quality and climate change, poses significant risks for the companies involved, and for the industry at large, ultimately threatening the industry’s license to operate.”
The trend set forth by the boom in shale gas extraction has “propelled the United States into the top 10 gas flaring countries along with Russia, Nigeria and Iraq.”
Goldman Sachs has predicted since 1973 that the US would become the world’s top oil producer.
Senator Ron Wyden said : “Compared to 40 years ago, today the United States is in a growing position of strength with respect to the global energy landscape.”
Wydne continued: “Thanks to today’s expanding wealth of energy resources, falling dependence on foreign oil, and the emergence of cleaner and renewable energy sources, our country is headed towards a more secure energy future. For the 50th anniversary of the oil embargo, our goal should be not just energy security, but to end dependence on overseas petroleum imports.”
The Organization of the Petroleum Exporting Countries (OPEC) installed an embargo on direct shipments of petrol to the US signed by then Saudi oil minister Zaki Yamani.
Shale represents a move to get out from under OPEC and energy controls imposed by Middle Eastern nations.
Without a dependency on oil, the petrol exporting countries have no leverage.
To ensure the US is able to use natural gas to get out from OPEC’s grip, the government-owned General Electric Co. is opening a laboratory in Oklahoma in order to place a monopoly on environmental protection endeavors by purchasing competitors to improve profits for clients.
Mark Little, senior vice president of GE explained that his corporation has just begun investing in energy schemes such as Hydraulic fracturing (a.k.a. fracking) and petrol cultivation.
Little said: “We like the oil and gas base because we see the need for resources for a long time to come.”
Oklahoma, Pennsylvania and Colorado have been focal points in petrol and natural gas extraction. Little said that GE is seeking to take their experience in solar, wind, and nuclear power to satisfy environmentalists because “the world needs all of these kinds of systems.”
The move out from OPEC is tricky, as the US dollar is the global reserve currency. A scheme to prop up the US dollar using alternate basis of worth (i.e. natural gas) would divert currency wars with the BRICs nations and by the central bankers more time.
Recently the state-funded new outlet Xinhua called for a “de-Americanized world” to overcome the influence the US budget and possible default will have on the global economy.
Xinhua proposes a new international reserve currency (IRC) to replace US dollar as the global reserve currency (GRC).
The media agency said: “The cyclical stagnation in Washington for a viable bipartisan solution over a federal budget and an approval for raising the debt ceiling has again left many nations’ tremendous dollar assets in jeopardy and the international community highly agonized. The world is still crawling its way out of an economic disaster thanks to the voracious Wall Street elites.”
Xinhua acknowledges that toppling the US dollar cannot accomplish the goal of destroying its perceived power.
It is suggested that: “Several cornerstones should be laid to underpin a de-Americanized world.”
The destruction of the US dollar would open up developing-market economies to both the World Bank and International Monetary Fund, “the authority of the United Nations in handling global hot-spot issues has to be recognized. That means no one has the right to wage any form of military action against others without a UN mandate. . . . A self-serving Washington has abused its superpower status and introduced even more chaos into the world by shifting financial risks overseas, instigating regional tensions amid territorial disputes, and fighting unwarranted wars under the cover of outright lies.”
The article points out: “Such alarming days when the destinies of others are in the hands of a hypocritical nation have to be terminated, and a new world order should be put in place, according to which all nations, big or small, poor or rich, can have their key interests respected and protected on an equal footing.”
This is the 2nd time a Chinese entity has called for an IRC.
Zhow Xiaochuan, the governor of the People’s Bank of China (PBC), the nation’s central bank, suggested that the world needed a “super-sovereign reserve currency” with a goal to “create an international reserve currency that is disconnected from individual nations and is able to remain stable in the long run.”