When Rahm Emanuel became mayor, the city of Chicago was making lists of top green cities in America. During the election he pledged support to a community movement aimed at closing the polluting Fisk & Crawford coal plants.
By calculating the production numbers on a well-by-well basis for shale gas and tight oil fields throughout the U.S., Post Carbon concludes that the future of fracking is not nearly as bright as industry cheerleaders suggest.
The oil industry may feel entitled to its potential profits, and will likely fight efforts to curb extreme well stimulation and enhancement anywhere they appear. But the people of California and New York -- indeed of all of states -- are even more entitled to clean air and clean water.
Illinois' environmental groups conceded it was better to push for regulations than to go for an outright statewide ban of fracking. Will permits and disclosure of chemicals be enough to make fracking safe in Illinois?
The well production data that Powers picked through on a state-by-state basis demonstrates a "drilling treadmill." That means each time an area is fracked, after the frackers find the "sweet spot," that area yields diminishing returns on gas production on a monthly and annual basis.
To understand the hydro-fracking bubble, there are some things one must know: each well only produces a little gas, reserves were significantly overstated at the beginning of the game, and most important: Wall Street is very invested and wants its money out.