A Summary On The Role Of Fracking - 801 Words

A summary of current viewpoins on the role of fracking given the recent drop in oil prices. Over many decades oil has supplied the global market with a realatively inexpensive method to provide energy and countless products. Without oil the world would not be as well developed as it is today. Large countries such as the USA and China thrive off oil and without it would come to abrubt halt. [1] Saudi Arabia is in possession of vast quantities of crude oil, currently larger than the US. [2] Due to the ease of access for Saudi Arabia to extract their oil, they have much lower production costs, giving them the flexibility to sell their oil at much lower prices. [3] This has forced many international oil companies to match these low prices to stay competitive. As other companies are not able to produce oil at such low prices they are forced into smaller profits, making extraction more costly. [4] Oil can be categorized into two categories, conventional and unconventional. Convenional oil is extracted via straightforward vertically drilled wells inland and offshore from oil pools. Globally the conventional oil production is on the decline. Unconventional oil is extracted from pourous shale rock formations, that act like sponges and soak up oil, making it more difficult to extract. Methods of extraction include horizontal drilling and hydraulic fracturing. Due to the complexity in prodcution, unconventional methods are more costly than conventional ones. Currently unconventionalShow MoreRelatedWater Contamination Caused By Hydraulic Fracturing1505 Words   |  7 Pagesa fossil fuel that plays a critical role in the demand and supply of energy in the United States. It is considered to be a clean burning transition fuel. Compared to coal and oil, natural gas combustion does not generate as much pollution and is therefore considered an ideal partner for renewable energy resources . 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He won the Gerald Loeb Award, a recognition of excellence in journalism, especially in the fields of business, finance and the economy.1 Morris defines hydraulic fracturing, more commonly known as fracking, as the process to extract gas from naturally occurring underground deposits of shale by injecting a mix of water and chemicals through directional drilling which forces open fissures in the rock and releases methane gas.2 In recent years, high productionRead MoreAustralian Economics Effects On The Mining Industry Essay1472 Words   |  6 PagesSummary: By 2016, Australia assess that mining had raised genuine per capital household extra income by 13%, raised genuine wages by 6% and brought down the unemployment rate by around 1 ¼ rate focuses. There have additionally been cost. The mining has prompted a huge valuation for the Australian dollar that has weighed on different enterprises presented to exchange, for example, assembling and farming. The world price of Australia s mining exports has more than tripled over the previous decadeRead MoreU.s. Lng Exportation Policy And The Wto8704 Words   |  35 PagesOIL AND GAS REVOLUTION AND THE US ECONOMY 11 (2013). 9. See, e.g., AM. PETROLEUM INST., WHAT Is FRACKING AND UNCONVENTIONAL OIL AND NATURAL GAS DEVELOPMENT? (2013), available at http://www.api.org/-/media/Files/Policy/Hydraulic-Fracturing/What-is-Fracking.pdf; IHS, supra note 8, at 53-54. 10. See, e.g., Russell Gold, Colorado Community Passes Fracking Moratorium, WALL ST. J., Nov. 15, 2013, http://online.ws.com/news/articles/SB10001424052702303789604579199811796359826;Read MoreCommunity and Population Health Task I4979 Words   |  20 Pagesmonitoring pollutant levels, issuing permits, and constructing models of air pollutant levels in the Denver area (Department of Environmental Health, 2014a). In February 2014 Colorado became the first state to regulate methane emissions from hydraulic fracking (Kroh, 2014). This new regulation will directly increase water quality and decrease smog in the Denver area. The Department of Environmental Health (DEH) is responsible for monitoring the quality of water in Denver’s lakes and streams. The DEH collects