Article

2014-01-16 Science & Technology

Fracking = Thousands of Overnight Millionaires and even Billionaires in Texas

Archived material is restricted to Rantburg regulars and members. If you need access email fred.pruitt=at=gmail.com with your nick to be added to the members list. There is no charge to join Rantburg as a member.

Posted by Omavising Ebbemp9815 2014-01-16 00:22|| || Front Page|| [4 views ] Top

#1 It's one of several that appear in his box each month that, added up, equal roughly the annual salary of a midlevel NBA player.

Remember that line when 'you know who' talks about inequity in society.

Posted by Procopius2k 2014-01-16 09:20|| 2014-01-16 09:20|| Front Page Top

#2 Champ: < 45% approval rating.
Halliburton: > $50. per share.

Posted by Besoeker 2014-01-16 09:32|| 2014-01-16 09:32|| Front Page Top

#3 will have his 23-year-old daughter's medical school bills covered before she steps into her first classroom
Good for her! I hope she practices medicine until her dad's money runs out, won't be long now.

Posted by Anguper Hupomosing9418 2014-01-16 09:56|| 2014-01-16 09:56|| Front Page Top

#4 It would be better to collect extraction rights as a tax, and give them out as a dividend (and from that expand the range of citizens who have to feel the burden of the state).

These land based "lottery-wins" tend to distort the economy in unproductive ways.

Posted by Bright Pebbles 2014-01-16 10:32|| 2014-01-16 10:32|| Front Page Top

#5 The feds have lots of land they own they can do that on if they want to. Talk to them about why they're not.

Posted by Thing From Snowy Mountain 2014-01-16 10:37|| 2014-01-16 10:37|| Front Page Top

#6 The fed's own more of Nevada than Nevadans do, as is the situation for most of the states west of the Pecos. Greatly undermines the sovereignty of those states. It also distorts demographics and statistics when poverty on federal land is rolled up with states' statistics which have no legal authority or means to address it. The advantage Texas enjoys is that it was not incorporated from federal territory before becoming a state.

Posted by Procopius2k 2014-01-16 10:57|| 2014-01-16 10:57|| Front Page Top

#7 Doesn't productive and unproductive ultimately come down to the individual land owner's choice of what to do with their property and income from said property?

If this guy bought these properties on energy speculation, then damn savvy. If he didn't, he was making big financial risks on his own dollar in a county of 1800 with a main income of hosting a prison facility. So what if he won the lottery or whatnot, he is an expanding successful businessman to begin with. Need more of that, somebody had to build his house, needs new furniture and appliances, so forth.

There is a town in my area experiences these woes and its a boom town. Fresh seafood in the Oklahoma panhandle, you got it. Copious amounts of beef, energy extraction is hard work. Authentic Andouille or prosciutto, aisle 5.

City people passing through would stop, eat their pizza at the local chain (who can now hire youngsters at good wage), yuck up an ironic conversation with the next booth using their best coors beer commercial accent, and go on, not knowing that they just talked to someone who makes more in a year than they will their next ten. No, I think we need more of the humble country bumpkin eating pizza buffet and paying with $100 notes. Generations of debt paid off because the federal government wants to bottleneck energy, fine. Deep roots like that tend to stick.

Posted by swksvolFF 2014-01-16 11:22|| 2014-01-16 11:22|| Front Page Top

#8 Texas is generally conservative with libertarian leanings. More money in the good guys hands? As for father preying daughters med school, family first -so that's a good thing, and I rather doubt she was brought up to be a leech, so back down on that kind of nasty mischaracterization #3. This is West Texas folk we are talking about, not some coastal elite liberals.

Posted by OldSpook 2014-01-16 11:47|| 2014-01-16 11:47|| Front Page Top

#9 Doesn't productive and unproductive ultimately come down to the individual land owner's choice of what to do with their property and income from said property?

Well, yes. But when one is used to the concept of the "Queen's lands"....

Posted by Pappy 2014-01-16 11:56|| 2014-01-16 11:56|| Front Page Top

#10 You can be anti-capitalist all you like, but opposing taxes on the land makes you anti-capitalist.

Posted by Bright Pebbles 2014-01-16 12:00|| 2014-01-16 12:00|| Front Page Top

#11 If you have 'mineral rights' to your property and you want to lease your land for oil and gas drilling, or have someone erecting a rig nearby, consult an attorney [not just any attorney, but one who knows the oil business] to sort out the various aspects. Lease bonuses, community wells, production royalties, EPA rules and fines, and taxes can get very complicated.

Posted by Besoeker 2014-01-16 12:15|| 2014-01-16 12:15|| Front Page Top

#12 I like to make money. I think everyone should make money. Money is freedom. I therefore oppose all taxes, both monetary and paperwork time. I will grudge taxes so long as the government obliges its end of the contract, the US Constitution, state, county, local. The US Constitution being as intended a mediator between the individual and businesses with a list of obligations restrictions to their behavior.

Where is my check from the government for all the property they own? I have to compete with the government for quality employees, why should I be happy funding competition?

Posted by swksvolFF 2014-01-16 12:16|| 2014-01-16 12:16|| Front Page Top

#13 Gov't prohibitions on 'Off Shore' drilling is particularly onerous. Similar to federal land, the US Gov't claims ownership of all Off Shore property, thus they [US Gov't] owns ALL the leases. Not only do they make money from the dozens of layers of taxes levied up and down the system, the Gov't actually gets a piece of the royalties as well.

Gasoline and oil are the heaviest taxed of any consumer items. It would be very challenging to compute the actual amount of gov't [State and Fed] tax that our $ 3.18 gallon of gas contains.

Posted by Besoeker 2014-01-16 12:26|| 2014-01-16 12:26|| Front Page Top

#14 Despised by the leftists, enough positives can't be said about Fracking Technology in regards to critical energy and wealth generation. Look for it to be a huge world wide industry that will help keep the lights on for hundreds of years.

Posted by Omavising Ebbemp9815 2014-01-16 13:22|| 2014-01-16 13:22|| Front Page Top

#15 opposing taxes on the land makes you anti-capitalist

I think of it as pro-landowner. Part of the reason for the Revolutionary War was Great Britain's prohibition on colonists' expanding westward into new territory. The expansion westward that brought the railroads, etc., was driven by this desire. People died trying to do that. It's an "American thing".

And living in an area where the U.S. government controls the majority of land makes it particularly piquant.

Posted by Pappy 2014-01-16 14:13|| 2014-01-16 14:13|| Front Page Top

#16 In December, I did a little feature about that stretch of South Texas benefitting from fracking. These were places that were about to dry up and blow away - and now, they are doing very well. Ranchers who were just holding on by the fingertips a decade ago are breathing easily, economically. With pictures - here.

Posted by Sgt. Mom 2014-01-16 15:39|| http://www.ncobrief.com 2014-01-16 15:39|| Front Page Top

#17 IIRC the UK is allegedly so hard up for oil + oil revenue they've allowed firms to legally frack on private properties widout need of owner consent.

Apparently there is no longer such a concept as private ownership in Britain anymore, or at least where Govt. $$$ are used in subsidation or rent or other taxpayer-funded public assitance.

Iff the DemoLeft wants America to be like Democratic Socialist Europe = EuroUnion, by definition what occurs in OWG-NWO EU is intended to occur in future OWG-NWO NAU, etc. Amerika???

* IIRC DRUDGEREPORT [paraph] > US DEBT TO CHINA AT NEW RECORD HIGH.

ENJOY YOUR BACKYARD + BACKYARD BARBECUES WHILE YOU STILL CAN, AMERIKA!

Posted by JosephMendiola 2014-01-16 21:43|| 2014-01-16 21:43|| Front Page Top

#18

opposing taxes on the land makes you anti-capitalist

No, it makes you a believer in individual sovereignty. Having to pay taxes on land means you don't really own it, just rent it.

Posted by Rob Crawford 2014-01-16 21:44|| 2014-01-16 21:44|| Front Page Top

23:53 JosephMendiola
23:37 JosephMendiola
23:34 Richard Aubrey
23:28 Richard Aubrey
22:54 Procopius2k
22:49 Pappy
22:13 mossomo
21:53 JosephMendiola
21:51 Rob Crawford
21:49 Rob Crawford
21:44 Rob Crawford
21:43 JosephMendiola
21:41 Rob Crawford
21:40 Rob Crawford
21:36 Rob Crawford
21:33 Rob Crawford
21:31 Rob Crawford
21:12 Redneck Jim
20:51 Dopey Sinatra
20:49 Uncle Phester
20:09 Barbara
20:02 john frum
16:14 Pappy
16:11 swksvolFF