Americans could be forgiven for thinking fracking poses an inherent threat to groundwater.
The anti-fossil fuel “Keep It in the Ground” movement has waged a multimillion-dollar campaign to convince the public of that exact claim, even though there has never been any evidence to support the accusation.
U.S. drillers have the ability to double the country's oil production to 20 million barrels a day, but doing so too soon would tank oil prices, Continental Resources CEO Harold Hamm said Thursday.
Hamm, who made his fortune by pioneering new drilling methods in North Dakota's Bakken Formation, did not offer a timeline for when this would be possible, but it would certainly be a difficult task. Surging U.S. production since 2008 was largely responsible for creating a global oversupply of oil that sent prices spiraling from more than $100 a barrel to $26 this past winter.
Hillary Clinton’s promise during a debate Sunday to aggressively regulate fracking deepens the divide between Republican and Democratic presidential candidates on oil and gas development and signifies her continued shift to the left on environmental issues.
In the Democratic presidential debate in Flint, Michigan against Vermont Senator Bernie Sanders, Clinton said she wouldn’t support fracking in states or local communities that don’t want it, if it causes pollution, or if the chemicals used aren’t disclosed.
"By the time we get through all of my conditions, I do not think there will be many places in America where fracking will continue to take place," Clinton said.
A new study by Oren Cass, senior fellow at the Manhattan Institute, finds despite massive subsidies and state mandates, renewable energy sources remain a small part of America’s energy supply. Investment in the industry has been flat for almost five years domestically and globally. Even as GDP grew 7.3 percent since 2007, Cass notes, U.S. carbon dioxide emissions fell 9.7 percent from their 2007 peak of 6,001 megatons of carbon dioxide (MtCO2) to 5,417 MtCO2 in 2015.