Matt Damon and the Arab oil industry team up to stop fracking
It seems like Matt Damon's new anti-fracking film, "Promised Land" has some secret financers behind it. These financers would love nothing more than to stop fracking in its tracks. Why, you ask? Well because these financers are actually part of Abu Dhabi, an Arab oil emirate.
Supporting the anti-fracking movie is just their way of silencing the competition - American oil and gas producers.
The film's Abu Dhabi connection is significant, because the UAE is the world's third largest oil exporter, according to 2011 figures from the U.S. Energy Information Agency. The country also holds the 7th largest proven reserves of crude oil and natural gas in the world. The UAE was ranked 17th in the world in natural gas production in 2010, according to EIA. (Courtesy of CNS news)
The fact that the UAE is one of the major producers of gas and oil is important. US natural gas producers have seen an increase in production thanks to fracking, which allows them to access once unreachable gas reserves and oil wells. This puts US natural gas producers in steep competition with the United Arab Emirates, because fracking is such a lucrative business for the US oil and gas industry.
The more the US oil and gas industry utilizes the method of fracking the more the Arab oil countries feel threatened. Not to mention the UAE loses money, which keeps their country afloat.
Matt Damon's financers are using his movie to demean fracking. These financers hope that negative public opinion will put an end to their competition. However, one problem with such a plan is that basing something on a lie always comes back to bite you where it hurts the most.