http://thinkprogress.org/climate/2014/09/16/3568090/direct-link-between-earthquakes-and-fracking-process/
The US apparently is in a battle with Saudi Arabia to see who can produce more oil and gas. Let's compare the two:
- Some Saudi oil can be produced for $4 per barrel, while new US exploration, drilling, and production may not be profitable when oil drops below $80 per barrel.
- Pumping oil in the Saudi desert does not threaten their potable water supplies, while fracking in the US frequently goes through fresh water aquifers.
This is a battle we cannot win, since every new well is like a shot in the foot. And if it goes down the way it did last time, lots of US companies are going to lose their shirts:
http://www.zerohedge.com/news/2014-11-26/its-different-time-what-happened-us-oil-drillers-during-last-price-war
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