Fracking Fears Mostly Unfounded
As recently as 2001, the production of gas naturally occurring deep inside shale rock provided less than two percent of total U.S. natural gas production. Today, it is approaching 30 percent. As late as 2007, it was commonly assumed that the United States would be importing large amounts of liquefied natural gas from the Middle East and other areas.
Today, almost overnight in natural-resource years, we are not only self-sufficient in natural gas, we have enough natural gas for the rest of this century on the basis of current demand. This same horizontal drilling and hydraulic fracturing technology is now being used in liquids-rich shales to increase oil production. These resource plays are in their infancy and can clearly improve the energy security of the United States.
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