Fracking Industry in “Severe Crisis”
One of the great debates about fracking is whether it heralds a great new chapter in the age of oil or whether it is a small blip in the dying days of the fossil fuel era.
Read the latest insights and analysis from the experts at Oil Change International.
One of the great debates about fracking is whether it heralds a great new chapter in the age of oil or whether it is a small blip in the dying days of the fossil fuel era.
The oil industry often prides itself in pushing the boundaries of technology. The whole fracking revolution has been driven by the industry pioneering new techniques to exploit oil and gas that was previously out of reach.
It could all be over before it even began. The boom could turn to bust before a well is even drilled. The British fracking industry now faces growing resistance from numerous influential voices.
Just how low can the oil price go? What was unthinkable even a few months ago is now becoming distinctly probable, even likely. As analysts dissect the ramifications for the oil industry of $40 dollar barrel, oil traders are now thinking that the price of crude will halve that to a staggering $20 a barrel. Prices have not been that low for twenty years.
It is a majestic world heritage site located on the west coast of Newfoundland, which is seen as one of the jewels in Canada’s crown. But it could be under threat from the controversial technique of fracking in the future.
Later today the Senate floor is expected to vote on the controversial Keystone XL pipeline, although currently Senators do not have enough votes to override Obama’s promised presidential veto on the issue.
Not content with polluting our air and water and causing immeasurable harm to both the environment and health, the fracking industry has now come up with a novel idea: the consumer should pay for the polluting process as well.
The US shale industry faces a Darwinian struggle over the next few months as only the fittest producers will survive as the price of crude plunges to $50 a barrel, the Bank of America has warned.
A new peer-reviewed scientific paper, published today in Reviews on Environmental Health, adds to the growing evidence of harm from fracking, especially to women and young children. But men also should be worried too.