
The scam is to privatize the ”profits” made by socializing the inherent losses. Losses in cash paid by the people, losses in health and suffering by toxic work and pollution. Losses of the ruined environment and massacred animal life, and above all pending mega losses in spiraling Climate chaos. (see also Cancer Alley As virus ravages Louisiana, ‘Cancer Alley’ residents Fight Back
$117 BILLION to pay, and that’s just Texas.
”But what about the Magnificent new horizon of the Permian West Texas and New Mexico fields. The Investment of a Lifetime in the pipelines and the Golden Opportunity of cornering the World LPG supply to make Texas the triumphant Plastics Capital of the dying planet”. (note. LPG is the semi liquid pumpable part of gas production used to make plastics etc, its not LNG)

Image projected onto Houston petrochemical plant during the Houston Toxic Tour, 2017. Credit: Backbone Campaign, CC BY 2.0
This is the Shale Revolution that Made America Great Again. A State of predator capitalists who believe it’s their God given right to promote little gangster businessmen and trash the planet.. So they are lauded and rewarded and given nearly free interest money and a blind eye to toxic aquifers, tailings lakes and massive methane leaks. Just for a few months often, till the wells become ”unprofitable”…
But another and another is already being drilled, till there are millions of them, more than half of them abandoned.(See also Fracking Gas and Oil to Supply Giant US Chemical Belt and Lock-in cheap Plastics Monopoly)
Then there is too much oil and gas, till it’s ”unprofitable” even avoiding most of the real costs. So bankruptcy is declared, after pocketing the assets. Ruining the small suppliers and abandoning thousands of toxic leaking wells and ponds. So the company is swallowed by Exxon or another Corporation and our heroic entrepreneur still has capital to retire on his Texas ranch or DO IT ALL OVER AGAIN.

Fracking for Plastics, a DeSmog investigation into the proposed petrochemical build-out in the Rust Belt. Over 12.6 million people in the United States live within half a mile of an oil and gas facility.
So who will pay the $117,000,000,000 dollars, in the middle of a pandemic and economic crash? The poor and immigrants of Texas will no doubt be further squeezed, all social programs cut or abolished. Health care will disappear, schools will fester, homes will be repossessed.. But even so this could never never be able to pay off 117 Billion.
Only and uniquely in The USA, because the dollar has been forced on us as world reserve currency, the State can borrow TRILLIONS and sell off the debt to investors to stash in their fiscal paradises. So the toxic ecocidal bubble can seemingly grow indefinitely. Until suddenly one day people are forced to stop ‘make-believing’ in it.

This is voodoo Trump style economics, based on Endless growth on a finite and fragile planet. But if predictions are accurate its days are numbered, and , though the 1% of big capitalists and warmongers may suffer, social and environmental justice movements, now organizing, may yet triumph in the USA.
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by EN-AB

Texas Taxpayers Face $117,000,000,000 Bill For Orphaned Oil Wells
04-10-20 11:13:00, Authored by Josh Owens via OilPrice.com.
The state of Texas and its taxpayers could be on the hook for paying up to US$117 billion for the cleaning-up of abandoned wells as a growing number of U.S. oil companies go bust, and the guarantees for paying for the cleanup cover only 1 percent of estimated costs, a report by climate finance think-tank Carbon Tracker showed on Thursday.







