State and federal regulators are asleep at the wheel. Fracking remains virtually unregulated in the United States, putting our communities, health and safety at risk. It's time for us to create an energy policy that puts our communities and country ahead of corporate profit.
Two of the country's largest private water utility companies are participants in a massive lobbying effort to expand controversial shale gas drilling -- a heavy industrial activity that promises to enrich the water companies but may also put drinking water resources at risk.
Today, Reuters revealed that during the last three years McClendon has borrowed more than a billion dollars in order to pay the operating expenses of the wells that he participates in. For collateral, he has used his ownership in the wells – that is, the future production of the gas and oil.
Last week, Reuters broke some unsettling news about Chesapeake Energy CEO and self-proclaimed "world's biggest fracker" Aubrey McClendon. Over the last three years, Aubrey has taken out over a billion dollars in loans to finance Chesapeake's drilling operations. For collateral, he's used his stake in the very same wells he's taken out loans to finance.