Pickens Dumps Chesapeake, Showing that Natural Gas “Boom” is a Bust


Statement of Food & Water Watch Executive Director Wenonah Hauter

Washington, D.C.—“T. Boone Pickens’s recent divestment from Chesapeake Energy shows that natural gas is a house of cards, and that even one of its biggest cheerleaders has grown wise to this fact.

“Pickens dropped his holdings in Chesapeake citing low prices, also stating that ‘natural gas has been a disaster.’ These are the same low prices that are making it preferable to sell our domestic energy to China and India, rather than provide us with the energy security that the oil and gas industry promised with expanded gas development.

“The industry also promised that natural gas would bring jobs. But our analysis has shown that the oil and gas industry’s job claims are inflated. Now even high-profile investors are fleeing the gas game. It’s becoming increasingly difficult to think that this controversial energy source will benefit the American public in any way.

“The oil and gas industry is industrializing rural communities and destroying our air and water, with no real benefit to anyone—not even investors.”

Contact: Kate Fried, Food & Water Watch, (202) 683-2500, kfried(at)fwwatch(dot)org.