Archive for mining

Exxon-Mobil CEO Suing His Own Company To Stop Fracking -- At Least In His Neighborhood

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fracking

Whatever happened to "what's good for the goose is good for the gander?" For that answer you really shouldn't be asking ExxonMobil CEO Rex Tillerson. His company is invading the US with natural gas fracking operations -- the more the merrier. So how is it that he's just became the highest-profile anti-fracking activist in the world? He's now party to a lawsuit to stop fracking -- at least in his own neighborhood.

The CEO who made $46 million in salary last year is concerned that the fracking operation that's taking place in his multi-million dollar housing neighborhood - he has 86 acres so it's a large neighborhood - will lower the value of his home. And why would fracking bother Tyrannosaurus Rex? Well, the noise, the pollution and the traffic to name a few.

According to Credo Action:

Even though he is the CEO of one of the largest fracking companies in the world, Tillerson is suing to block a fracking development near his Texas horse ranch because it would create a "noise nuisance and traffic hazards."

Didn't he care when this was happening in other people's backyards?  Evidently not.  So this is only a case of me, me, me.  He only cares when it affects him.

So it might be with some great surprise that T-Rex Tillerson has joined a massive anti-fracking lawsuit -- essentially suing his own company. To tell you what's at stake here, enjoy this clip from Chris Hayes and anti-fracking documentary filmmaker Josh Fox:

The outcome of this and many similar lawsuits might not stop fracking from taking place -- but when you've got a deep-pocketed CEO like Tillerson and his bevy of high priced lawyers biting the same hand that feeds him, you realize there may be some good to come out of this -- in a trickle down sense. Maybe for once, trickle down policy will actually work for the good of the masses, not just the rich.

Here's hoping Exxon-Mobil takes it in the gas hole. And no lubricant will be necessary -- they've already dipped their probes in oil. I don't mean to be crude -- yes, a pun.

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Cartoon of the Day

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Via.

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Raw Video: First Six Miners Freed in Chile

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Have some happy for breakfast.

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VIDEO- Maddow on Afghan mineral find: "That's what Pentagon sources told the Times. But that doesn't appear to be true either."

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In a previous post, I asked, slightly tongue in cheek, "what did we know and when did we know it?" referring to the discovery of a trillion dollars worth of mineral deposits in Afghanistan.

Rachel helps us answer that question by pointing out that...

"Pentagon sources told the New York Times that no one had connected the dots between the minerals and what it might mean for Afghanistan's economy until recently. Until last year. That's what Pentagon sources told the Times. But that doesn't appear to be true either. According to this geological survey press release from 2007..."

Here's the video:

Visit msnbc.com for breaking news, world news, and news about the economy

Wealth upon wealth upon wealth... but there's a catch. There's always a catch.

Which brings us to today's L.A. Times article that notes that extracting the minerals won't be easy:

A new Pentagon assessment released Monday says Afghanistan may hold a trillion dollars in mineral wealth, but the report ran into skepticism from miners and even other U.S. government officials. [...]

But mining industry officials and others were skeptical that massive amounts of mineral wealth could be easily extracted from the country's rugged mountains and remote regions.

"Sudan will host the Winter Olympics before these guys get a trillion dollars out of the ground," said Luke Popovich of the National Mining Assn., which represents U.S. mining companies. [...]

Experts said it would probably be years before the minerals could be profitably extracted because of the lack of infrastructure, mining know-how, security and a climate conducive to business.

To be continued...

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