The dot-com/NASDAQ bubble was replaced by the housing bubble, which burst dramatically in 2008 and nearly brought the rest of the American economy with it. At the same time, gasoline was at an all-time high, and the only way the local Dodge dealer could move Rams was to write “Flex-Fuel!” and “Runs on Corn!” in big letters across the windshield.
What did the engineers of the housing bubble do? In recent years, government subsidies of oil and gas companies have rapidly out-paced incentives for biofuels and renewables by a factor of 4:1, creating thousands of highly destructive, but immediately visible jobs.
Now, however, business experts at Bloomberg are starting to whisper about impending doom for the gas and fracking industries. While that’s especially hilarious and awesome, it could have consequences that go a lot further than West Texas and Pawnee, Illinois. Tina Casey, from Cleantechnica, has the story, below.
This won’t be the first time we’ve heard whispers of impending doom for the natural gas fracking industry, but since this one is coming from Bloomberg it’s probably worth a listen, so here’s the deal. Yesterday, Bloomberg reported that the boom…