| Nationwide Mutual Insurance Company last week accidentally became the first American insurance company to publicly state that it will not cover damage caused by the controversial gas drilling process known as hydraulic fracturing or "fracking." In fracking, energy companies use powerful pumps to force a pressurized mix of water and chemicals into deep layers of rock-like shale, causing fractures that allow the extraction of otherwise unavailable natural gas. Although the mix is about 99% water, the remaining 1% includes highly toxic chemicals, including methanol, hydrofluoric acid, sulfuric acid and formaldehyde. Local and environmental groups, pointing to several cases of contamination, argue that the process poses a serious threat to drinking water. Nationwide's bout of candor arose out of the unauthorized web posting of an internal memo on fracking and insurance... |
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