A billion-dollar daily shot in the arm for the American economy
New supplies of oil and natural gas will equate to about $1
billion dollars a day. Experts estimate that energy production accounts for
2.2% of GDP. New sources of oil and
natural gas have created a new opportunity for an industrial revolution. Expert Clay Jenkinson claims the new
technology that is reaching deep oil deposits have created more than just an
oil boom, it has sparked an industrial revolution. The also argues that while
fracking for oil and natural gas can
bring great prosperity to any region it is located, it must be managed responsibly
so to prevent negative externalities to the region. If the technique of
fracking can be mastered, and risk to surrounding water supplies and other
natural resources minimized, could fracking be more of a blessing than a curse?
http://www.exxonmobilperspectives.com/2012/08/17/a-billion-dollar-daily-shot-in-the-arm-for-the-american-economy-2/?gclid=CISKn4Pm0bwCFa9FMgod0lQA6Q&gclsrc=aw.ds
2 comments:
When we hear the phrase “industrial revolution” it is easy to think back to many of our history and economic classes. To hear that we are now in the beginnings of an industrial revolution is a bit surreal but according to this article, accurate. Ohio has a big hand in the fracking industry and as this “revolution” develops and fracking becomes more clean and efficient it will be interesting to see how this benefits some of the poorer cities in Ohio that have adopted fracking. Could Ohio potentially become a large player in the natural gas industry like Texas is to oil?
I believe there are a lot of people in Ohio, and anywhere for that matter, that have strong opinions in favor or against fracking. Many of these opinions seem to be founded on rumors and lack of information, so while there is a lack of the real information, it might be hard for a lot of small towns with tight knit communities to allow this practice to take place.
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