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Fed explores the big fracking deal
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TEXT OF STORY
Steve Chiotakis: Well, this week, lawmakers are expected to introduce legislation that
would place federal scrutiny over a controversial drilling practice. The technique has up to now been exempt from U.S. government oversight, thanks to a law passed during the Bush administration. The oil industry says reversing it would add big fees and could very well affect exploration. From the Marketplace Sustainability Desk, here's Sam Eaton.
Sam Eaton: Hydraulic fracturing, or "fracking" as it's called in the industry, refers to the practice of injecting water, sand and chemicals into rock formations at extremely high pressures. The process creates thousands of cracks in the rock so hard-to-reach oil and gas reserves can flow to the surface.
But there's also the risk that the chemicals used, things like benzene and hydrochloric acid, could contaminate the ground water of nearby communities. Places like suburban Cleveland and Fort Worth, Texas. That's why lawmakers and environmentalists want fracking to be regulated under the Safe Drinking Water Act.
Bruce Baizel is with the Oil and Gas Accountability Project:
Bruce Baizel: If you have a water well, they don't really know where all these fractures or cracks are. They put these chemicals down there, and the next thing you know you may be seeing them in your water well.
But the oil industry says those fears are unfounded. It says states already regulate the process. And any federal oversight would be redundant, except for the additional costs it would impose on the industry.
I'm Sam Eaton for Marketplace.
There is however an alternative solution. I did a bunch of research as a student at westminster collgee on the
issue and in doing so learned of a small company out of Stuart Florida who
have proven they can do the process chemically free. It is an
environmentally friendly alternative solution using their very own patented ozonix technology.Check it
out its pretty amazing and even more cost effective! http://www.ecospheretech.com/
There are large areas of the U.S. in which slick-water fracking is or soon will be used to extract natural gas from shale. For example, drilling has already begun in the Marcellus Shale, which underlies most of PA, the Southern Tier of NY, and parts of W. Va. and Ohio. Slick-water fracking employs a long list of chemicals, many of which are dangerous to human health.
The oil and gas industry has gotten exemptions not just to the Safe Drinking Water Act, but to other environmental laws as well, including the Clean Water Act and Clean Air Act. Fracking occurs not just in remote areas, but in agricultural regions, suburban areas, and even urban areas. It occurs next to streams, rivers, lakes, and water wells. Gas wells are being drilled close to homes and schools.
Fracking produces a tremendous amount of contaminated wastewater, and there are currently no truly safe options for disposing of this contaminated water.
State regulatory agencies are often understaffed and cannot possibly do an adequate job of inspecting drilling sites. Some areas have already experienced serious water contamination. Water contamination is only part of the problem: a recent study found that in the Dallas/Ft. Worth area, the amount of smog originating from gas drilling is comparable to that originating from the emissions of all cars and trucks in the area.
In order to protect the environment and public health, we must require the oil and gas industry to obey the same federal environmental laws that other industries have to obey. The oil and gas industry's exemptions should never have been granted in the first place.
If you want more background information from EARTHWORKS' Oil & Gas Accountability Project about the attempt to end the Halliburton fracking loophole to the Safe Drinking Water Act, check out our web page at http://halliburton.earthworksaction.org
IMHO, yes, they believe there will be a future but also believe that if they amass enough millions/billions, they can buy themselves immunity from whatever consequences occur, just like so many other industries, for example, investment banking, mortgage lending, auto manufacturing, tobacco, etc. Why else invent credit default swaps? The capacity for greed in the human animal knows no bounds.
