Proposed Lease Sale 250 to be largest in U.S. oil and gas history
Monday, October 30, 2017
United States Interior Secretary Ryan Zinke recently announced the largest oil and gas lease sale in the country’s history, according to OilPrice.com.
Proposed Lease Sale 250, including nearly 77 million acres of federal waters in the Gulf of Mexico, is scheduled for March. It will be live-streamed from New Orleans.
Providing the new opportunity to the offshore industry is part of President Donald Trump’s plan to move the U.S. one step closer to becoming energy dominant. However, three consecutive years of low oil prices have negatively affected exploration budgets, drilling in deep waters is expensive and investments by fossil fuel companies have been few and far between.
Learn more: OilPrice.com > Trump Admin Announces Largest Oil And Gas Lease Sale In U.S. History
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.