Does the Fracking process really carry potentially serious environmental risks?
Why has the US been so successful at employing this process and why is Europe lagging so far behind.
The current Oil price drop has been attributed mostly to the oversupply of Oil in the global market brought about by the United Staes shale oil explosion.
Isn’t it time the world economies adjust to to this process of prospecting for Oil and encouraging development and less dependence on a few countries that have been profiting for decades at the expense of less fortunate countries.
The British as usual are lagging behind because in our opinion. The Environmental Audit Committee reportedly warns of a an ‘extensive range of uncertainties’ about the possible hazards resulting from fracking, ranging from polluting groundwater and water supplies to noise and disruption.
One Labour MP was even quoted as saying ‘We cannot allow Britain’s national parks and areas of outstanding natural beauty to be developed into oil and gas fields.’
One has to wonder if the leaders in Europe are ready to lead in a brave new world where technology is being fully utilized to improve on old strategies and where you have to take calculated risks in order to benefit your citizens.
Americans have carried out enough research and put safety measures in place so as to ensure fracking process is safe and controlled and they are not only sustaining there appetite for all things oil and gas related they are making a mint at the same time and turning there economy around.
All industrial processes carry an element of risks. In the current oil industry there are always reports of oil spills damaging the enviroment. Tankes sinking, Oil rigs collapsing and pipeline vandalism.
If sallty sea water can be purified in Dubai then we are sure any accidental leakage into the freshwater tables can be rectified. Afterall nature always takes care of itself….. Eventually!!
- U.S. crude oil and lease condensate proved reserves rose for the fifth consecutive year in 2013, increasing by 9% from the 2012 level to 36.5 billion barrels, according to the U.S. Crude Oil and Natural Gas Proved Reserves, 2013 report released by the U.S. Energy Information Administration (EIA).
- North Dakota had the largest increase (1.9 billion barrels, 51%) in oil reserves among individual states in 2013, based on development of the Bakken/Three Forks formation in the Williston Basin. With 5.7 billion barrels of proved reserves, North Dakota has more reserves than the federal offshore waters of the Gulf of Mexico.
- Texas remains by far the leading state in total proved oil reserves—its reserves increased from 11.1 billion barrels in 2012 to 12 billion barrels in 2013 (an 8% increase).
- Six tight oil and shale gas plays taken together account for nearly 90% of domestic oil production growth and virtually all domestic natural gas production growth over the last 2 years
- Higher drilling efficiency and new well productivity, rather than an increase in the rig count, have been the main drivers of recent production growth
- Of the six plays, the Bakken and Eagle Ford plays account for about 67% of oil production growth; the Marcellus play accounts for about 75% of natural gas production growth
- Growing tight oil and offshore crude oil production drive U.S. output close to historical high
(Source: EIA, Drilling Productivity Report)