The credit rating agency Standard & Poor's released a report that raises the threat level on the trend of earthquakes in areas around Oklahoma and Texas.
Robert Wilonsky reports that Standard & Poor's is concerned about the implications of the growing frequency and strength of earthquakes in Texas and Oklahoma, believed by many to be a result of the oil extraction method known as fracking.
According to Wilonsky, "[l]ast week the S&P published an analysis titled 'How Fracking And Earthquakes Could Open Fissures In Credit Quality.' That’s a fairly to-the-point title. The piece was co-authored by Dallas-based analyst Andrew Foster, and is the S&P’s first-ever look at how gas and oil drilling are — pardon, could be — impacting the both the nation’s 'physical backdrop' and “credit trends across the country.'"
Another frank statement from the report, as quoted in the article, explains that the "earthquake trend…will continue to have sharp economic consequences for home and business owners, mortgage lenders, insurance companies, and investors exposed to real estate in earthquake affected areas."
The rest of the article goes into detail about the ongoing research into the cause and risks of the spate of earthquakes in Texas, Oklahoma, and other areas with fracking operations.
Read the full story: S&P: North Texas’ ‘man-made’ earthquakes could have ‘sharp economic consequences’
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