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Highlighted Article: What If Hydraulic Fracturing Was Banned?

Posted On:
Feb 13, 2020 at 6:00 AM
Category
Energy Policy, Climate Change

 

From: U.S. Chamber of Commerce's Global Energy Institute

Date: Fall 2016

 

What If Hydraulic Fracturing Was Banned?

 

"The U.S. shale energy revolution was not an accident. It was the result of innovation, strategic investment, and old fashioned hard work. More than anything, it was an event made possible by the development, refinement and application of cutting-edge technology – technology developed by engineers, geologists, and other scientists who spent decades trying to “crack the code” of tight oil and gas. These efforts delivered nothing short of an energy renaissance. After years of projections that America’s energy future would grow more dependent on imports, the U.S. energy landscape is now defined by abundance, not scarcity.

We don’t have to look back very far to see the significance of this technological breakthrough. In July 2003, TIME Magazine carried a feature story entitled, “Why U.S. Is Running Out of Gas,” which boldly predicted that the United States was heading to its “first big energy squeeze since the 1970s.” The magazine claimed further that “the U.S. is finally beginning to run out of domestic oil and easily recoverable natural gas.” A few years later, in 2008, oil was nearly $150 per barrel, and gasoline prices spiked to more than $4 per gallon. Henry Hub natural gas prices were also above $8 per million BTU, or about two and a half times what they are today." ...

 

What If Hydraulic Fracturing Was Banned?