The Natural Gas Bubble
....Financial backers
such as Goldman Sachs and AIG are hurriedly funding the development of
the natural gas sector to attract other investors before reality sets
in. If they fail, the billions of dollars spent from 2006 to 2008 will
have been wasted. These firms are financing energy companies to buy up cheap land,
quickly drill wells, label the fields as profitable, and then bundle up
those leases and sell them for up to $30,000 per acre to clueless
investors. The average acre, according to the founder of Energy Policy
Forum and former investment banker Deborah Rogers, is sold to developers
for no more than $1,200, and sometimes as low as $100....
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