"Proponents of natural gas fracturing and oil drilling are delirious with joy over the ability to recover shale gas, which has brought down world gas prices and made the US a major player again. Likewise, North Dakota wells are set to produce up to 800,000 barrels of oil a day soon. (Although, since the world uses roughly 89 million barrels a day, and the US uses a fifth of that, and demand in Asia will likely spike in coming years, the ND addition is just not that much).
Fracking is dangerous to ground water purity, and both oil and gas, as hydrocarbons, contribute to global climate change, which is a dire threat to human well-being in coming decades and centuries.
But oil and gas triumphalists have another think coming. It is that the cost of generating electricity by wind and solar is falling rapidly. However hard they try to suppress government funding and tax breaks for renewables, Big Oil and Big Gas are doomed to lose, and in only about 4 years."
Click here to read the article by Juan Cole.
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