Fracking Rush Threatens US Energy Security: Report

[xchrom]

http://www.commondreams.org/headline/2012/11/14-5

Despite gas industry claims that the natural gas extraction "revolution" will create energy security and affordable fuel for US consumers, fracking will in fact benefit those in the US very little, as the natural resource will most likely be shipped offshore to those who will "pay the highest price," according to a new report released Wednesday by Food and Water Watch. Additionally, there is far less oil and gas reserves to mine in the first place -- contrary to what industry leaders would have us believe.

Market proposals by gas and oil companies revealed in the report will likely cause skyrocketing prices for US consumers and only vast amounts of pollution in the industry's wake.

The report U.S. Energy Insecurity: Why Fracking for Oil and Natural Gas is a False Solution shows that as of October 26, 2012 the Department of Energy has received 19 proposals from various US fossil fuel companies to export liquefied natural gas to foreign bidders. These companies stand to profit greatly by selling "huge amounts of natural gas overseas—as much as 40 percent of current U.S. consumption."

“The hype over fracking is giving Americans a false sense of energy security,” said Food & Water Watch Executive Director Wenonah Hauter. “The industry is making empty promises about U.S. energy security to prolong America’s destructive dependence on fossil fuels. At the same time, it is laying the groundwork to sell natural gas overseas to maximize profits. The gas will go wherever it can fetch the highest price—and right now that’s not the United States.”

[limpyhobbler]

1. k/r

[FogerRox]

2. Those levels of production...... it was bound top happen.