If ban on oil exports is lifted, national security and economic development could benefit
Monday, December 21, 2015
The Intelligencer / Wheeling News-Register reports that there is talk of lifting the ban on oil exports that was put in place in the 1970s.
Forty years ago, there was a gas shortage, but today, production has increased, especially in the Utica and Marcellus shales. In just the first three quarters of 2015, Ohio shale drillers produced 15.7 million barrels of oil.
According to American Petroleum Institute president and CEO, lifting the ban could add 1 million jobs over the course of the next several years, plus add $38 billion to the economy. API will ask the U.S. House of Representatives to pass the legislation, according to the newspaper.
Via: The Intelligencer / Wheeling News-Register > Oil Exports Could Happen Under Agreement
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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.