NYC

Tue, 2014-02-04 20:29Sharon Kelly
Sharon Kelly's picture

Risks of Fracking Boom Draw Renewed Attention from Investors

A coalition of investors called out five oil and gas companies for failing to measure or reduce risks associated with fracking on Tuesday, singling out companies both large and small for how they’ve handled the myriad risks associated with shale oil and gas extraction.

Shareholders in five companies — ExxonMobil, Chevron, EOG Resources, Occidental Petroleum and Pioneer Resources — filed resolutions objecting to the ways that the companies describe the risks of hydraulic fracturing and their failures to reduce the environmental and social impacts of fracking.

“The damaging impacts of hydraulic fracturing on air, water, and local communities have made the public understandably nervous and resistant to permitting this controversial industrial activity,” said Leslie Samuelrich, President of Green Century Capital Management, which together with the New York State Comptroller Thomas DiNapoli, filed the resolution at EOG Resources.

“Companies that fail to demonstrate a public commitment to identifying and mitigating their impacts will fail to earn the public trust,” she added, “and may put shareholder value at risk.”

Four of the five companies – ExxonMobil, Chevron, EOG Resources, and Occidental Petroleum –  received failing scores in a recent report that examined how companies disclosed the impact of fossil fuel extraction and graded their efforts to mitigate risks. Disclosing the Facts: Transparency and Risk in Hydraulic Fracturing Operations focused on 24 companies that use fracking, assessing the ways each handled toxic chemicals, water and waste, air emissions, community impacts, and governance. EOG Resources received a score of 6 out of 32, Chevron a score of 3, ExxonMobil and Occidental Petroleum each got a score of just 2.

That has some investors, including those overseeing New York City’s pension fund, worried.

Thu, 2012-11-01 15:17Laurel Whitney
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NYC Mayor Michael Bloomberg Endorses Obama, Cites Climate Change

Earlier today, New York City Mayor Michael Bloomberg gave his official endorsement to President Barack Obama.

After a lukewarm statement yesterday about climate's effect on the storm, now climate change is front and center on Bloomberg's radar.

Our climate is changing,” penned the mayor in a Bloomberg News editorial. “One [candidate] sees climate change as an urgent problem that threatens our planet; one does not. I want our president to place scientific evidence and risk management above electoral politics.”

President Obama says he is “honored” to have Mayor Bloomberg's endorsement, and broke his own climate silence in response (other than MTV, he hasn't discussed it):

I'm honored to have Mayor Bloomberg's endorsement.  I deeply respect him for his leadership in business, philanthropy and government, and appreciate the extraordinary job he's doing right now, leading New York City through these difficult days.  

While we may not agree on every issue, Mayor Bloomberg and I agree on the most important issues of our time - that the key to a strong economy is investing in the skills and education of our people, that immigration reform is essential to an open and dynamic democracy, and that climate change is a threat to our children's future, and we owe it to them to do something about it. …” [H/T TPMemo]

Mon, 2011-11-28 17:39Laurel Whitney
Laurel Whitney's picture

Are New York Lawmakers Poised To Throw Upstate Residents Under The Fracking Bus?

Despite last week’s temporary win protecting the Delaware River Basin and its inhabitants from natural gas fracking, the debate rages on in New York State. Lawmakers, industry lobbyists and concerned landowners have debated for over a year about whether or not to open up the state to the Marcellus Shale fracking bonanza.

New York Governor Andrew Cuomo’s stated commitment to vote no in the Delaware River Basin vote was promising, but it is offset by the fact that he has assembled a secretive 18-person “fracking panel” which Food & Water Watch executive director Wenonah Hauter recently alleged is comprised of many “strongly self-interested and industry-biased” individuals. Some environmental groups are concerned that this panel seems rigged to give the green light to fracking in New York.



At previous public hearings, tensions have already run high with both supporters and opponents lining up hours beforehand to ensure their turn to speak out on this highly contentious issue.



Most of the proponents of gas fracking continue to argue the economic mantra of job creation and domestic energy security, even though multiple reviews have debunked the gas industry’s lofty job projections. Food & Water Watch released a report indicating that many of the jobs created would likely be short-term and favor contract workers from outside the state. Other watchdogs of industry rhetoric, including Senator Ron Wyden (D-OR), point out that the industry's rush to export gas from the fracking boom will lead to much higher gas prices for Americans, contradicting the industry's alleged commitment to domestic energy security.

There are also important questions about just how much gas there is underneath New York to warrant such extreme energy development.  After a recalculation of the resource potential of the area, geologists at the U.S. Geological Survey dropped their estimate of the recoverable gas by a quarter. They determined that the amount of reasonably recoverable gas would only meet US demand for four years instead of sixteen.

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