10 hours ago
- Business
- National Geographic
How Has Fracking Changed Our Future?
"The United States is in the midst of the 'unconventional revolution in oil and gas' that, it becomes increasingly apparent, goes beyond energy itself. Today, the industry supports 1.7m jobs - a considerable accomplishment given the relative newness of the technology. That number could rise to 3 million by 2020. In 2012, this revolution added $62 billion to federal and state government revenues, a number that we project could rise to about $113 billion by 2020.2 It is helping to stimulate a manufacturing renaissance in the United States, improving the competitive position of the United States in the global economy, and beginning to affect global geopolitics." —Daniel Yergin, vice chair of global consulting firm IHS, in February testimony before Congress
"Natural gas is not a permanent solution to ending our addiction imported oil. It is a bridge fuel to slash our oil dependence while buying us time to develop new technologies that will ultimately replace fossil transportation fuels. Natural gas is the critical puzzle piece RIGHT NOW. It will help us to keep more of the $350 to $450 billion we spend on imported oil every year at home, where it can power our economy and pay for our investments in a smart grid, wind and solar energy, and increased energy efficiency. By investing in alternative energies while utilizing natural gas for transportation and energy generation, America can decrease its dependence on OPEC oil, develop the cutting-edge know-how to make wind and solar technology viable, and keep more money at home to pay for the whole thing." —Pickens Plan, a site outlining BP Capital founder T. Boone Pickens' proposed energy strategy
"My town was dying. This is a full-scale mining operation, and I'm all for it. Now we can get back to work." —Brent Sanford, mayor of Watford City, a town at the center of the North Dakota oil boom, in "The New Oil Landscape" (NGM March 2013 issue) Negative impacts of fracking
"According to a number of studies and publications GAO reviewed, shale oil and gas development poses risks to air quality, generally as the result of (1) engine exhaust from increased truck traffic, (2) emissions from diesel-powered pumps used to power equipment, (3) gas that is flared (burned) or vented (released directly into the atmosphere) for operational reasons, and (4) unintentional emissions of pollutants from faulty equipment or impoundment-temporary storage areas. Similarly, a number of studies and publications GAO reviewed indicate that shale oil and gas development poses risks to water quality from contamination of surface water and groundwater as a result of erosion from ground disturbances, spills and releases of chemicals and other fluids, or underground migration of gases and chemicals."—General Accounting Office report on shale development, September 2012
"The gas 'revolution' has important implications for the direction and intensity of national efforts to develop and deploy low-emission technologies, like [carbon capture and storage] for coal and gas. With nothing more than regulatory policies of the type and stringency simulated here there is no market for these technologies, and the shale gas reduces interest even further. Under more stringent GHG targets these technologies are needed, but the shale gas delays their market role by up to two decades. Thus in the shale boom there is the risk of stunting these programs altogether. While taking advantage of this gift in the short run, treating gas a 'bridge' to a low-carbon future, it is crucial not to allow the greater ease of the near-term task to erode efforts to prepare a landing at the other end of the bridge."—from a study on shale gas and U.S. energy policy by researchers at MIT (also see: "Shale Gas: A Boon That Could Stunt Alternatives, Study Says")
