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SCVNews.com | Oil Industry Execs to Talk Fracking with Pavley Panel | 06-07-2013
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Fran Pavley

Fran Pavley

The top executives from Occidental Petroleum Corp., Chevron Corp. and Halliburton Co.  have been invited to testify at the California State Capitol on June 18 about hydraulic fracturing (“fracking”) and the use of acids as an alternative to fracking. They will join state regulators, members of environmental organizations and other stakeholders at a hearing of the Senate Natural Resources and Water Committee.

Fracking, which is the injection of water, sand and chemicals underground to crack rock formations to free up oil and gas, has been a subject of discussion in the California Legislature in recent months.  Several bills are under consideration, including SB 4 by Natural Resources and Water Committee Chair Sen. Fran Pavley, D-Agoura Hills, which would require permits, notice, disclosure of chemical and an independent scientific study, among other provisions.

Recently, concerns have arisen about other forms of oil well stimulation such as acidizing, which involves the use of hydrofluoric, hydrochloric and other acids to dissolve rock formations. Industry representatives have stated acid could be among the most important tools for extracting oil from California’s Monterey Shale, but little information has been disclosed to regulators, the Legislature and the public about its use.

 

Pavley represents California’s 27th Senate District, which includes about half of the Santa Clarita Valley.

 

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2 Comments

  1. James Mcfadden says:

    Wonderful. The same oil men who wield tremendous influence bribing our politicians in Washington are coming to Sacramento. Let’s hope our state politicians are not dumb enough to buy into the nonsense surrounding this fracking bubble market. These guys aren’t interested in long term economic development. Fracking is a short-term profit-generating bubble-market. One would have to be blind to not notice the similarities in the massive hype surrounding the “new innovative fracking technology” and the “innovative financing techniques” (i.e. derivatives) of 10 years ago. In both cases “bundled securities” and “bundled mining rights” are not long term investments, but are instead sold to sucker speculators in a bubble market. Oil companies know that tight oil and gas wells only produce significant product in the first year, with the total well output over the next 10-20 years barely matching that first year’s production. To create the appearance of an oil boom in the Bakken (N. Dakota), with oil production growing exponentially, they had to drill more wells at an exponential rate. The hype around this phony growth is creating a speculative market in drilling rights, which are bought up, bundled, and sold to sucker speculators lickety-split, just like those mortgage backed securities in the housing bubble. Oil companies, Wall Street, and even GE are creating another speculation bubble in order to extract those last few dollars they can from the American public, and in particular, those suckers who still have retirement funds and are looking for high growth to make up for the last scam. The entire oil and gas market is manipulated by Big Oil through the unregulated ICE futures market. Have you ever asked yourself why gas and oil prices are so high when demand is way down due to the worldwide recession? It’s because Wall Street and Big Oil are colluding to create another bubble market so they can scam us just like they did in 2008. Have you asked yourself why the same shills talking about energy independence are also promoting LNG terminals to ship our gas to China. It’s a scam to reap huge profits for Big Oil and Wall Street. Fracking will create a huge eye sores, generate the stink and health risks of its air pollution (ever hang out near a refinery or well?), and will eventually result in a polluted water table when oil companies cut corners on safety and illegally dump the massive amounts of toxic waste produced by fracking in order to reach profit margins. And when our water is polluted, who will clean up the fracking mess? Answer – Taxpayers. This is a fracking scam.

    • Fracking is the way forward,this is one train to big to stop..High paying energy jobs in mass…And a renascence in manufacturing is under way,powered by domestic energy production… If you doubt,visit North Dakota.. We did..

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