Report: UTexas Study Spun the Facts and Misled the Public
A recent University of Texas study, which claims to prove that the natural gas extraction process known as fracking does not cause environmental damage or water contamination, was led by a gas industry insider who currently holds up to $1.6 million in stock at a large fracking company. The information was revealed in a new exposé released by the Public Accountability Initiative (PAI).
The 400-page pro-fracking review in question was led by author Charles Groat of the University of Texas. Neither Groat nor the University openly reported that Groat himself is on the board of a fracking company, Plains Exploration and Production Company.
As a board member, Groat receives 10,000 shares of restricted stock a year. His holdings as of July 19th were worth $1.6 million. He also receives an annual fee, which was $58,500 in 2011, according to filings.
Filed Under: Environment
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