Retired Mobil Chief Urges New York to Exercise Caution against Fracking

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Retired Mobil Chief Urges New York to Exercise Caution against FrackingA retired senior oil executive at Mobil Oil has voiced his concerns against using fracking to tap natural gas in New York, instead advocating for more investments in renewable energy.

Louis Allstadt, whose 31-year career at the Mobil saw him retire as an executive vice president, stood in solidarity with other elected officials from upstate counties to pressure the state not to permit fracking. The press conference had been coordinated by Elected Officials to Protect New York, an organization representing over 800 officials drawn from New York’s 62 counties that have banned fracking.

“Making fracking safe is simply not possible, not with the current technology, or with the inadequate regulations being proposed,” said Allstadt, according to the Times Union.

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Allstadt was Mobil’s North America head of exploration and production in 1996 before he was appointed in 1998 to spearhead the company’s oil and natural gas drilling activities in the Western Hemisphere. Mobil merged with Exxon in 1998. When asked whether fracking is safe, Allstadt said:

“Now the industry will tell you that fracking has been around a long time. While that is true, the magnitude of the modern technique is very new,” Allstadt said. “A fracked well needs around 50 to 100 times the chemicals and water compared to an older one. And this requires thousands of trucks coming and going. It is much more a heavy industrial activity,”

He also expressed concerns about methane leakage from fracked wells, which he said occurs at a faster rate than had earlier been thought to. Methane is a greenhouse gas that is one of those being blamed for human-induced climate change. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.

To contact the reporter of this story; Jonathan Millet at john@forexminute.com