Can "Fracking" Rescue America’s Energy Outlook?
The U.S. energy scene is set for a huge transformation, and it has a lot to do with what’s called hydraulic fracturing or “fracking”.
But will new technology and fracking be able to rescue America’s energy outlook? Let’s take a look…
To be clear the world’s easy oil is all but gone, it’s a truism behind $4 gasoline.
That’s why companies are hard at work in some of the world’s harshest climes just to find more barrels of the stuff. Think: 200 miles offshore in thousands of feet of water or even working offshore in the North Sea or off the coast of Alaska.
“The first thing to emphasize” Byron King points out, “is how expensive and risky it is to work offshore. Just a broken anchor chain can cause $180 million of damages — and that’s without any major environmental issues.”
The only bright point we see from our perch is the gradual uptick in onshore oil production in the U.S. Much of this has to do with new drilling technology involving horizontal drilling and what’s called hydraulic fracturing or “fracking.”
This new drilling technique is unlocking oil and gas that just five years ago was considered inaccessible. And As Byron pointed out in his latest write-up, this onshore technology is starting to move the energy needle in America’s favor.
If you’ve ever wondered how this energy renaissance started, you’ll want to check out this latest Daily Resource Hunter info video. In it you’ll find the answer to a question a lot of readers have been asking “What is fracking?” and how can it shape the future of American energy? To find out, click below: