As US oil and natural gas production ramps up thanks to fracking, a new report from the Energy Economics and Financial Analysis, along with the Sightline Institute, notes “Another quarter, another gusher of red ink” as negative cash flow surges to $2.5 billion in the first quarter of 2019. DOUBLE DOWN talks to Tyson Slocum, who is head of Public Citizen’s Energy Program, about what these numbers mean. Fracking has never made economic sense and probably never will but it is a jobs program and, most importantly, is backed by an entrenched, legacy energy industry lobby. It is unlikely that renewable energy programs will ever be able to bypass this entrenched power in the US, but, if it were to, there are many more jobs and, of course, much less pollution were the US to roll out clean energy policy. They also discuss the big surge in flaring as the oil fracking patches burn off all the natural gas byproduct for which they have no means of transporting it for sale. Enough energy is burned to provide electricity for several Latin American countries. Tune in to hear more.
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