Ponzi Scheme with fracking harms towns like Youngstown
Fracking does not provide any type of “Energy Independence for America” as the industry propaganda touts. The wealthy will profit from the harvesting of our natural gas for export to China, Japan, and Europe to make plastics. Drilling is done to“prove leases” so that they will be a more attractive buy. The hydofracturing industry is modeled on the mortgage industry’s subprime-lending fraud scheme that almost bankrupted our country.
Chesapeake’s CEO, Aubrey McClendon, stated that his company makes huge profits by buying mineral leases for $5,000 and selling them for $10,000 — not by producing natural gas selling at only $3 per mcf.
In 2001, Dick Cheney met in secret with the heads of all the large oil companies, and we now see that the states having Utica and Marcellus resources have The American Legislative Exchange Council governors. Most all the Republicans in the Ohio Legislature have passed pre-emptive state laws: H.B. 278 takes away all local zoning control on frack wells and gives it to the ODNR; S.B. 315 puts gag orders on physicians so they must not state what fracking chemical(s) made people sick. ALEC is funded by these same big oil and gas corporations, which is easily researched.
Cheney made sure his federal law, the Halliburton Loophole, passed when he was vice president of the U.S. It exempts the fracking industry from clean air, clean water, and clean-land legislation.
Now that the facts are available to the public, we can see what a danger the fracking Ponzi Scheme is to Youngstown, Ohio. Only the very wealthy will be further enriched, and we are their “Sacrifice Zone.”
Youngstowners will protect themselves by voting yes for the Community Bill of Rights on Nov. 5. This will keep this danger away from our homes, water source, and Mill Creek Park.
Chris Khumprakob, Youngstown