(NS) FRACKING Misinformation, Hype and Financial Risks

(NS) FRACKING Misinformation, Hype and Financial Risks

Postby Oscar » Mon Jun 15, 2015 8:32 am

Fracking Industry: Misinformation, Hype and the Financial Risks with Reference to Nova Scotia and the Wheeler Commission.

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Posted on August 20, 2014 by janetmeaton10

By Janet M Eaton, PhD

Introduction:

Much has been written about the environmental, geological, social, cultural, health, and small scale local economic concerns related to hydraulic fracturing for shale gas. At the same time there is growing awareness of the difficulties of regulating and even researching an industry where complexity of the systems involved leads to what the Wheeler Commission called ‘wicked’ problems. There is however another subject area and issue that has received little if any attention during the Wheeler Commission’s investigation, one that heralds warnings about the financial risks of investing in the fracking industry; risks that could leave Nova Scotians with significant financial losses.

The following paper provides insight into the nature and extent of the fracking industry’s misinformation and hype that led to the massive investment in the industry; examines studies and reports that have recently emerged to counter industry misinformation particularly around quantities of the recoverable resource; and exposes financial risks being taken by both the Industry and Big Banks to create a favourable environment for investing in fracking. It also warns of other external financial risks to investors. Finally, it examines the concept of ‘risk blindness’ in the fracking industry comparing it to the related concept of ‘paradigm paralysis’. It warns that ‘paradigm paralysis’ and ‘risk blindness’ in decision makers, at a time when old paradigms are collapsing and paradigm shifts are occurring, are threats to not only Nova Scotia but to our ecosystems, planetary cycles and global civilization itself. Within that framework and given the probability of collapse of the fracking industry, this paper challenges the notion of fracking as a revenue generator for Nova Scotia.

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