If you watched the conversation between Origin Oil’s Riggs Eckelberry and T. Boone Pickens, ((On Stage with T. Boone Pickens. Originoil.com. Available: http://www.originoil.com/ceos-update/on-stage-with-t-boone-pickens))you might have thought it was curious that Pickens ended the segment by asking how much the company’s stock was selling for. Of course as founder of B.P. Capital, which owns 46% interest in a hedge fund management company, Pickens would have already known the stock price, so why the question? Turns out since 2012 Halliburton, an Origin Oil competitor, has had a prominent place in the hedge fund’s portfolio. Halliburton remains a Pickens stock pick in 2014. ((T. Boone Pickens – B.P. Capital. stockpickr.com. Available: http://www.stockpickr.com/pro/portfolio/T-Boone-Pickens-BP-Capital/))
While Origin Oil’s process promises clean water at a lower cost, Halliburton has a different business plan. This plan begins with friends in high places and ends with lax EPA enforcement of the clean water protections in the 1974 Clean Water Drinking Act. Today this is known as the Halliburton Loophole. Congress created this loophole in 2005 at the urging of Vice President Dick Cheney.((Fracking. Sourcewatch. Available: http://www.sourceWatch.org/index.php?title=Fracking)) And the farce continues today. ((Time to End the Chaney/Halliburton Loophole. The Daily Take Team, The Tom Hartman Program. 12 Feb. 2014. Avalailble: http://www.truth-out.org/opinion/item/21828-time-to-end-the-cheney-halliburton-loophole)) And continues. ((Halliburton Loophole, StateImpact Pennsylvania, NPR. Aug. 13, 2014. Available: http://stateimpact.npr.org/pennsylvania/tag/halliburton-loophole/))
I no longer own any of the stocks mentioned in this blog.