Bank of America joins growing list to say no to financing Arctic drilling
Friday, December 4, 2020
Bank of America is the latest large U.S. bank to announce it will not finance oil and gas drilling projects in the Arctic, according to Yahoo News.
Goldman Sachs, Morgan Stanley, Chase, Wells Fargo and Citi have all adopted similar policies this year.
Bank of America’s decision follows the Trump administration’s decision to launch the formal process of selling oil drilling leases in the Arctic National Wildlife Refuge in Alaska.
Learn more: Yahoo News > Bank of America Latest to say no to financing Arctic drilling
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Marcellus & Utica Shale Well Map
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.