Friday, August 16

Fracking

CO somewhere near NM

Fracking : The US unique - if you own the land, it's yours to the core. In the UK, by contrast, the Crown retains all sub-surface mineral rights, which means companies only need buy enough land to get drilling while landowners see none of the benefit from oil or gas underneath, even if horizontally drilled beneath their property. Pretty fucked up given British shale gas deposits may equal 1,300 trillion cubic feet (10% of which enough to supply our needs for 40 years .. .)

Well economics, US: one well (aprox 1 hectare of space) costs $6M to dig and frack, give or take, producing $40M of economic benefit (give or take) of which 20% goes to the landowner as 'royalty.' This is a cool a couple hundred grand to the landowner a year and easily more.

Madeleine: "What do people do on their honeymoon anyway?"
Me: "Make l'amour."
Madeleine: "Really?"
Me: "What do you think they do?"
Madeleine: "Have a nice vacation."