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Fracking Brings Opportunity and Controversy for Oil and Gas
2013-12-15 16:40:15| AutomotiveDigest.com - Automotive Industry News
Ever heard of fracking? Shale gas and oil shale reserves had been packed into hard, dense deposits, and hydraulic fracturing (fracking) offers an effective method to extract natural gas and oil. Its been delivering a lot of cheap natural gas to the US and helping keep oil prices down. Fracking is bringing a lot of big business opportunities and political battles in several states. Devon Energy Corp. made a $6 billion acquisition the largest for this year in the oil and gas industry; Devon has played an instrumental role in bringing more natural gas to America and keeping the prices down. California Gov. Jerry Brown is getting heckled by environmentalists for permitting fracking in the state after signing a bill into law this fall that will oversee fracking operations. OPECs power over oil prices is diminishing. With huge growth in US shale and Canadian oil supply, analysts think there will be a sizable boost to global output. Read more about the role of fracking and North American oil and gas reserves in fuel supply and prices.The Article Fracking Brings Opportunity and Controversy for Oil and Gas appeared first on Automotive Digest.
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Category:Automotive