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Arab cash behind Matt Damon's political screed
Posted By Ted Baehr On 12/21/2012 @ 8:05 pm In Commentary,Opinion | No Comments
Note: Peter Moorman, MovieGuide development director, contributed to this column.
The United Arab Emirates is partially funding Matt Damon’s and John Krasinski’s upcoming anti-natural gas fracking movie, “Promised Land,” through its wholly owned subsidiary Image Media Abu Dhabi.
The United Arab Emirates (UAE) contains the world’s fifth-largest natural gas reserves and ranks ninth in liquefied natural gas exports.
UAE’s decision to fund a movie with an agenda against U.S. domestic natural gas exploration and production is wise considering the recent push by U.S.-based producers to begin exporting more natural gas to countries like Japan, where 90 percent of the UAE’s liquefied natural gas is exported.
“Promised Land” takes place in rural Pennsylvania, home to the Marcellus Shale, a natural gas field containing 262 trillion cubic feet of recoverable gas. according to the United States Department of Energy.
Just that one field could supply Japan’s natural gas import requirements for the next 63 years!
It’s no wonder financing for this movie came from the United Arab Emirates.
Unlike the UAE, citizens of the United States own the oil and gas underneath their feet in what are known as “mineral rights.” Thousands of Pennsylvania mineral rights owners receive royalty payments thanks to the natural gas exploration and production on their properties. Even more importantly, perhaps, U.S citizens benefit from low energy prices thanks to the very hydraulic fracturing and horizontal drilling technologies the makers of “Promised Land” wish to ban.
As recently as four years ago, energy experts said that the U.S. would need to import liquefied natural gas to meet the energy demand of the nation. However, with the invention of horizontal drilling and hydraulic fracturing, or “fracking,” the U.S. is now producing large reserves of domestic natural gas in the Pennsylvania Marcellus Shale and other shale basins.
With the boom in domestic natural gas production, prices are near record lows at $3.95 an MCF, almost half the price they were in 2008. Because of these low prices, several U.S.-based companies want to export more natural gas to countries like Japan that will pay close to $13 an MCF.
The United States has the infrastructure for exporting natural gas, including a liquefication terminal built 30 years ago in Kenai, Alaska, able to export 68 billion cubic feet per year to Japan.
Sadly, the Hollywood elite funded by Big Foreign Oil would rather put an end to the domestic natural gas boom.
“Promised Land” is nothing more than a propaganda piece funded by Middle East oil to destroy America’s energy independence.
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