Monday, 16 July 2012

Mortgages, ministers and mining laws.......

In our post of the 22nd May 2012 we reported how mortgage lenders in the USA were beginning to look unfavourably on applications from areas in the USA affected by shale gas exploration. The relevant article by attorney Elisabeth N.Radow was compiled for the New York State Bar Association Journal and appeared in May of this year.

'How the fracking mess is about to make the mortgage mess worse'
'One fact ought to tell you all you need to know about the risks faced by homeowners signing leases for natural (shale) gas drilling on their property: Wells Fargo and Company, both the largest home mortgage lender in the United States  and a major lender to the country's second largest producer of natural gas, Chesapeake Energy Corp., refuses to make home loans for properties encumbered with natural gas drilling leases'.

Today we hear that Nationwide Insurance said that it "won't cover damage to homes resulting from fracking". Their policies they say, "were not designed to cover any kind of fracking risk".

Of course, it couldn't happen here - could it?

Here in France........ 

Environment Minister Delphine Batho has announced the establishment of an annual 
Environmental Conference to be held on or around 15th September. This year the main points would appear to include...................

A discussion of Energy issues leading to a decentralized debate resulting in a draft bill for 2013 aimed at making people aware of the present state of biodiversity, leading to eventual legislation.

Greater energy savings to be achieved ( via 'natural' gas exploration????!!!) 

Refinements to the Ecological tax in 2013.

Reform of the Code Minier which currently does not conform with the Environmental Charter. This review to commence in September.

Applications for permits to explore for gas and oil to be routinely posted in the interests of transparency.  

Here at SCHISTE TOWERS we welcome the proposals and in particular those relating to the Code Minier which regular readers will know is the law that dictates exactly the precise terms under which oil and gas companies may operate and in the cas of Gaz de Schiste for instance the proximity of wells to domestic dwellings for instance.

We shall see.

PS  We recently encouraged readers to circulate links to this site as widely as possible and to encourage as many contacts as possible to sign up ( see our Home page for details ) for regular updates. We are well aware that many out there think that this problem has gone away and would be grateful for your support in this matter.

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