G7 nations vow to phase out Russian oil
Wednesday, May 11, 2022
The Group of Seven nations announced its pledge to end imports of Russian oil in a joint statement on Sunday, according to Natural Gas Intelligence.
“We commit to phase out our dependency on Russian energy, including by phasing out or banning the import of Russian oil,” the G7 countries said in its statement after meeting virtually with Ukraine President Volodymyr Zelensky. “We will ensure that we do so in a timely and orderly fashion, and in ways that provide time for the world to secure alternative supplies.”
The G7 members — Canada, France, Germany, Italy, Japan, the UK and the United States — also vowed to cut off key services that Russia depends upon and to ramp up sanctions against wealthy Russians who support President Vladimir Putin.
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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.