“Low prices for consumers. Big profits for bankers. But the gas glut in the United States has meant much pain for gas exploration companies and their investors.” (Source: NY Times)
Brilliant article on America’s natural gas glut and the influence of financial capitalism on its boom and future bust. Must-read article for European policy-makers who dream of a Golden Age of Gas for Europe.
“Like the recent credit bubble, the boom and bust in gas were driven in large part by tens of billions of dollars in creative financing engineered by investment banks like Goldman Sachs, Barclays and Jefferies & Company.
After the financial crisis, the natural gas rush was one of the few major profit centers for Wall Street deal makers, who found willing takers among energy companies and foreign financial investors.“