U.S. Independent of Middle East Oil?
Thursday, July 5, 2012
Steve Gelsi of The Tell, The Wall Street Journal‘s news and analysis blog, posted some commentary on the natural gas boom.
The Wall Street Journal reported that rising supplies from Canada, South America and greater shale oil production could help the U.S. reach energy independence by 2035.
Here’s an overview:
A recent study by the Organization of Petroleum Exporting Countries, which first hobbled the U.S. with a spike in gasoline prices in the 1973 oil embargo, noted that oil shipments from the Middle East to North America “could almost be nonexistent” in 23 years as renewable fuels and rising oil production make their way into the domestic market.
Gelsi admits, few thought that energy independence was possible, but because of advances in technology and the ability to extract natural gas liquids from shale, the outlook is positive.
» Via: The Wall Street Journal › U.S. could become independent of Middle East oil by 2035
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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.