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The Great Backyard Bird Count is losing feathers due to climate change.

In December, when Musk got stuck in traffic, instead of leaning on the horn or flipping off the other drivers, he decided to build a new transportation system. An hour later, Max Chafkin writes in Bloomberg Businessweek, “the project had a name and a marketing platform. ‘It shall be called The Boring Company,’” Musk wrote.

Musk told employees to grab some heavy machinery and they began digging a hole in the SpaceX parking lot. He bought one of those machines that bores out tunnels and lays down concrete walls as it goes. It’s named Nannie.

Musk is the grown-up version of the kid who decides to dig to China: He doesn’t pause to plan or ask what’s possible, he just grabs a stick and starts shoveling. Maybe that’s the approach we need. As Chafkin points out, “Tunnel technology is older than rockets, and boring speeds are pretty much what they were 50 years ago.” And Bent Flyvbjerg, an academic who studies why big projects cost so much, says that the tunneling industry is ripe for someone with new ideas to shake things up.

Musk is a technical genius. But the things that make tunnels expensive tend to be political — they have to do with endless hearings before local government councils and concessions to satisfy concerned neighbors and politicians. For that stultifying process, at least, Musk’s new company is aptly named. If Musk figures out how disrupt local land-use politics, it would mean he’s smarter than anyone thinks.

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The Great Backyard Bird Count is losing feathers due to climate change.

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Elon Musk has started digging a tunnel under Los Angeles.

In December, when Musk got stuck in traffic, instead of leaning on the horn or flipping off the other drivers, he decided to build a new transportation system. An hour later, Max Chafkin writes in Bloomberg Businessweek, “the project had a name and a marketing platform. ‘It shall be called The Boring Company,’” Musk wrote.

Musk told employees to grab some heavy machinery and they began digging a hole in the SpaceX parking lot. He bought one of those machines that bores out tunnels and lays down concrete walls as it goes. It’s named Nannie.

Musk is the grown-up version of the kid who decides to dig to China: He doesn’t pause to plan or ask what’s possible, he just grabs a stick and starts shoveling. Maybe that’s the approach we need. As Chafkin points out, “Tunnel technology is older than rockets, and boring speeds are pretty much what they were 50 years ago.” And Bent Flyvbjerg, an academic who studies why big projects cost so much, says that the tunneling industry is ripe for someone with new ideas to shake things up.

Musk is a technical genius. But the things that make tunnels expensive tend to be political — they have to do with endless hearings before local government councils and concessions to satisfy concerned neighbors and politicians. For that stultifying process, at least, Musk’s new company is aptly named. If Musk figures out how disrupt local land-use politics, it would mean he’s smarter than anyone thinks.

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Elon Musk has started digging a tunnel under Los Angeles.

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Fracking frenzy slows as oil and gas assets plummet in price

Fracking frenzy slows as oil and gas assets plummet in price

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Yes, we know this isn’t a fracking pump, but it’s way prettier.

You know that domestic oil-and-gas boom that’s been sweeping the country for the past few years, turning places like Williston, N.D., into Sin City? Well, the party’s winding down — or maybe it was never that ragin’ in the first place. Oil and gas shale assets, possibly overvalued to begin with, are plunging in price thanks to an oversaturated market and wells whose production hasn’t always lived up to expectations.

Bloomberg Businessweek reports:

The deal-making slump, which may last for years, threatens to slow oil and gas production growth as companies that built up debt during the rush for shale acreage can’t depend on asset sales to fund drilling programs. The decline has pushed acquisitions of North American energy assets in the first-half of the year to the lowest since 2004. …

North American oil and gas deals, including shale assets, plunged 52 percent to $26 billion in the first six months from $54 billion in the year-ago period, according to data compiled by Bloomberg. During the drilling frenzy of 2009 through 2012, energy companies spent more than $461 billion buying North American oil and gas properties, the data show.

Improvements in hydraulic fracturing (fracking) techniques in the early 2000s made drilling possible in previously inaccessible areas. As more frackable shale deposits were discovered, energy companies snapped up property. But the boom started backfiring:

As overseas buyers moved in, booming production soon led to oversupplies, and gas prices plunged to a 10-year low in 2012, forcing companies to write-down the value of some of their assets. Companies were also hurt when some fields thought to be rich in oil proved to contain less than anticipated.

Shell downgraded the value of its North American assets by $2 billion last quarter, and announced that it expects drilling here to remain unprofitable until at least next year. Companies are cutting off drilling in fields where it’s not worth it and selling off properties.

As Philip Bump pointed out in Gristmill earlier this year, what’s happening with fracking is kind of the same as what’s happening to the coal industry — but on a super compressed timeline (think 10 years, not 100). What seemed like a bonanza just four years ago is already struggling to deliver.

Claire Thompson is an editorial assistant at Grist.

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Fracking frenzy slows as oil and gas assets plummet in price

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