The fracking boom sent natural gas prices plummeting, reducing energy costs for U.S. consumers and businesses. And by boosting U.S. oil production, it has sharply reduced oil imports.
Electric utilities used more natural gas to generate power because of its low price, while reducing the use of coal. This has led to a substantial reduction in emissions of carbon dioxide and toxic chemicals such as mercury by U.S. utilities.
But the practice has also sparked powerful antagonism, especially in the Northeast, from residents and environmentalists opposed to increased industrial activity in rural areas and concerned that the fracking process or the wastewater it generates can contaminate drinking water supplies.
New York, which is thought to have considerable natural gas resources, has imposed a moratorium on high-volume hydraulic fracturing and star-studded activist groups have staged countless rallies and events to generate opposition to the practice.
In some areas fracking has been blamed for air pollution and gas leaks that have ruined well water, but the Obama administration and many state regulators say the practice is safe when done properly.
The the Obama administration's EPA found serious problems with fracking, but pulled away after getting corporate pressure:
Destroying the environment for monetary gains seems too be acceptable with capitalist. Governments enjoy the modest revenue these ventures create. The down side is never appreciated until those who allowed the practice are retired or dead with heirs benefiting the financial gains.
So sad that now he'll never get to see what will be wrought by his technology...
It was front page news on the Houston Chronicle http://www.chron.com/news/article/Oil-giant-developer-George-Mitchell-dies-at-94-4688832.php?cmpid=houtexhcat
Just for grins, go here http://www.juancole.com/2013/07/florida-scientists-this.html
Then go to the interactive map, select 'New Orleans', put in 20 meters, & then zoom out the map until you can see Texas. Beaumont, Galveston, Corpus Christi & large parts of Houston are shown to be underwater.
Bad George. Bad, bad oil man.
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