On Saturday 14th October, Frack Free Nottinghamshire were in Nottingham’s Market Square blowing bubbles. Below are the reasons why we did this:
Economic bubbles end by bursting – misplaced confidence collapses when an asset that was previously thought to be worth a lot of money is now seen to be worthless. Like toxic mortgages lent to people without income, assets or jobs. Like shale gas from fracking that seemed valuable but then proves too costly to extract – or has to remain in the ground because governments, like that in Scotland, come under pressure from an informed public that want fracking banned. (Because of public health and climate change risks).
Between 2009 and 2017 the shale gas and oil sector in the United States built up tremendous debts because the gas and oil price did not cover their costs. Many companies have gone bust and many more will.
That’s why we were blowing bubbles…To draw attention to the “carbon bubble” and the “fracking bubble”. It is unlikely that fracking will ever make money – it doesn’t deserve too anyway, it will do too much damage.
What you can do
Find out if your bank and/or your pension fund is investing its money in fossil fuels. If it is then join and promote the campaign to divest from fossil fuels as well as from fossil fuel development like fracking for shale gas.
Write to UK Finance
, the trade association for the UK banking and finance sector to challenge them not to fund any form of carbon development, including fracking companies and their suppliers. They say they have an ethical policy – but how is it ethical to finance more fossil fuel development when research has shown that already developed oil, gas and coal fields already contain enough carbon to shoot the world over an extra 2degrees C. http://priceofoil.org/content/uploads/2016/09/OCI_the_skys_limit_2016_FINAL_2.pdf