Billionaire Aubrey McClendon CEO of Chesapeake Energy, the nation's second-largest natural gas producer, is an evangelist for "fracking." Is the boom in natural gas a bubble that will go bust as the price of gas itself continues a dizzying fall?
"For Chesapeake, the primary profit in fracking comes not from selling the gas itself, but from buying and flipping the land that contains the gas. The company is now the largest leaseholder in the United States, owning the drilling rights to some 15 million acres -- an area more than twice the size of Maryland. McClendon has financed this land grab with junk bonds and complex partnerships and future production deals, creating a highly leveraged, deeply indebted company that has more in common with Enron than ExxonMobil."
Jeff Goodell reports for Rolling Stone March 1, 2012.
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