From Jenna Orkin in New York
"Halliburton is a major provider of the pressure-pumping technique known as hydraulic fracturing, or “fracking,” which has enable drilling companies to unlock vast supplies oil and natural gas from underground shale deposits in the U.S... But now supplies of gas are plentiful and the price has dropped sharply. Natural gas futures prices averaged about US$2.83 per 1,000 cubic feet in 2012, down from US$4.03 in 2011."
Halliburton et al, have become so good at fracking that their efforts have flooded the market with "cheap" supply thus dropping the prices and hitting their own bottom lines. This price glut will eventually reverse itself as the sponge is squeezed dry of oil. What is left over is a petro-chemical wasteland, polluted to the brim, with flammable water, and no easy remedy to return the land to health. -- Luis
This is during a "recovery" with free money available. If this was not acceptable to the powers that be, than it would be changed. Think about it. -- Luis
On the face of it, the projects this money is funding seem worth while, given the current state of the global natural environment. The devil's in the details, however... - JO
And Obama has a Nobel Peace Prize? What a joke. -- Luis