Chesapeake Energy’s founder and former Swift Boat Veterans for Truth supporter, Aubrey K. McClendon, took what may be a two billion dollar personal hit during the falling market over the last few weeks.
I’ve been following his company and their ecological tragedy for a while now. Drill, drill, drill has been their motto, no matter what the consequences to the environment, existing infrastructure, or citizens who may be harmed for decades due to Chesapeake’s endless toxification of our soil and water. On top of all that, the company has been buying up disastrous little tax (less than revenue neutral) schemes from the overwhelmingly Dem controlled Arkansas state government.
Now, with natural gas prices falling so low , Chesapeake Energy may have to quit drilling and they have announced they will curtail the airing of infomercials for the foreseeable future.
Heating my home just got cheaper, my water is less likely to be polluted, and their lies are not filling the airwaves as much.
This "downturn" may not be such a bad thing for our health after all.
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Let’s hope that karma well is a gusher for them!
These dreadful policies were fueled by bad tax structures and other unsavory factors. If the economy recovers, they’ll revert to their bad ways. It’s what they know.
But the problem remains: there’s no sustainable future in it.
They’ve still got their heads up their asses looking for a ‘rewind’ button as near as I can tell.
Will drill for food?
Chesapeake hedges most of their natural gas prices several years out, so I assume the companies Natural gas prices will be fairly stable. On a personal The margin call on Aubrey K. McClendon – awesome.
As recently as September 2nd, BP must have agreed with you, they purchased 25 percent of Chesapeake’s AR shale operations.
Three weeks later Chesapeake cut it’s long term drilling plans.
I don’t know what that says about thir thoughts on natural gas prices looking ahead.. perhaps the current volatility is enough to cause them more trouble than they anticipated.
Thanks ES.
I hope McClendon can be a posterboy for neocons.
I almost never watch television, and I’ve never seen any ads for Chesapeake Energy. We have SWEPCo in Benton County, and it’s not getting any cheaper (unfortunately).
I find it humorous that we both thought of big corporations losing a lot of money as something that could be beneficial to everyday Americans. I wasn’t thinking of Chesapeake Energy when it occurred to me that there would be less money for companies to go out and ruin the environment with, but it definitely occurred to me. I wonder how many other people thought a suffering economy would be good for the environment.