A sign Obama’s not going to crack down on fracking? GE goes long on fracking

By |
Politics,Beltway Confidential,Timothy P. Carney

Few companies are as close with the Obama administration as General Electric. The company’s top lobbyist is tied in tight with the Obama-Baucus nexus. The company’s CEO is Obama’s jobs czar. Wherever Obama has led, GE has followed — on rail, stem-cells, climate, health-care, and so on.

And so, if you are hoping Obama would continue his fracking policy — which is, mostly, getting out of the way — then GE’s big bet on fracking seems a good sign. From the AP:

One of America’s corporate giants is investing billions of dollars in the new boom of oil and gas drilling, or fracking. General Electric Co. is opening a new laboratory in Oklahoma, buying up related companies, and placing a big bet that cutting-edge science will improve profits for clients and reduce the environmental and health effects of the boom.

“We like the oil and gas base because we see the need for resources for a long time to come,” said Mark Little, a senior vice president. He said GE did “almost nothing” in oil and gas just over a decade ago but has invested more than $15 billion in the past few years.

View article comments Leave a comment