Lawmakers in France voted to officially ban the use of hydraulic fracturing as a completion method to develop shale oil and gas formations in the country.I find France's decision to ban fracking about as short-sighted and ill-conceived as the Minnesota government shutdown.
The French Senate followed the National Assembly in voting to ban the use of hydraulic fracturing in the country.
France is the first country to ban the use of hydraulic fracturing, as the oil and gas development method has come under fire recently across the globe.
Bottom line: France won't develop its own resources, but yet calls on US to go to war with Libya to open oil fields that provide the oil France needs for its own economy. Okay. We saw this movie before.
http://finance.yahoo.com/q/bc?s=TRGL+Basic+Chart&t=1y
ReplyDeleteThe stock price of Torreador Oil, which had a joint venture with Hess to develop a huge field near Paris, has totally tanked.
One has to wonder how much private ownership of mineral rights impacted this decision. Without private mineral rights providing a base for oil exploration policy advocates, oil exploration has a much more difficult policy road in more urban/developed areas.
You are absolutely correct.
ReplyDeleteA little secret, France is a country of oligarchs, the malfeasance within it is designed to sustain inertia. The oils from shales in france are on private property the oligarchs dont own yet....this is a delaying action by the dumb or dumber matrix to sustain frances oligarchic malfeasance.
ReplyDeleteWe find it amazing that the French would put up with this, but they enjoy their lifestyle. My hunch is that in less than ten years France will experience the problems Greece is having now.
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