Welcome to the future

Welcome to the future

Whatever its environmental cost, fracking has changed the world oil market

Last week, in a surprise move, New York state banned hydraulic fracturing, commonly called fracking. Fracking is a procedure to extract oil and gas by injecting sand, water anad chemicals at high pressure to force the oil and gas out of rock using horizontal drilling. Fracking changes the economics of energy production by driving up production and dramatically reducing costs. Geopolitically, fracking helps to reduce the dependence of countries like the United States on imported oil and gas, but it also potentially introduces long-term environmental problems like groundwater and aquifer contamination into fragile ecosystems.

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