Tags: Zuckerman | US | Energy | Independent

Zuckerman: US Can Become Energy Independent

Monday, 28 Nov 2011 03:18 PM

U.S. News and World Report publisher Mortimer Zuckerman says the U.S. can become energy independent.

"Thanks to American technology and enterprise, we can achieve a degree of energy security that once seemed hopeless — but only if we can sort out our priorities," Zuckerman writes in The Wall Street Journal.

The United States, says Zuckerman, is at the center of a global energy revolution.

"Our development of innovative shale-gas technology offers the prospect of a huge bonanza of natural gas (and some oil as well)," he says. "It's the most positive event in the country's energy outlook in 50 years."

"In a phrase, technology has trumped geology," provided that objections to hydraulic fracking are responsibly met.

Citizens have objected to the scarring of the landscape and the large amount of noise that fracking causes and to the possibility that wastewater from the fracking process will contaminate the aquifers and hence drinking water.

zucker200gtyy.jpg
Mort Zuckerman
(Getty Images photo)
However, Zuckerman notes that state regulators in Alaska, Colorado, Indiana, Louisiana, Michigan, Oklahoma, Pennsylvania, South Dakota, Texas and Wyoming have stated that there have been no verified or documented cases of groundwater contamination as a result of hydraulic fracking.

U.S. geologists have long been aware that gas (and oil) lies hidden in the country's shale beds and under the ocean, but had no chance to extract it until American entrepreneurial energy inspired companies to gamble on new technologies, Zuckerman says.

Moreover, the process of finding and producing hydrocarbons from this shale has taken off with such velocity that it has already significantly altered government and corporate energy expectations.

"The production costs of shale gas are about one-half to one-third the costs associated with new conventional gas wells in North America," Zuckerman says. "The result is a glut of new supply and plummeting prices."

This kind of seismic shift in the energy landscape is rare, Zuckerman notes. It could bring us back to the time when the U.S. and its neighbors in the hemisphere were self-sufficient and even a major world source of energy.

"Energy companies have become exporters, as the U.S. has surpassed Russia as the world's leading gas producer," he says.

Thestreet.com reports that Delaware governor, Jack Markell has informed the Delaware River Basin Commission that he would be voting against new regulations to allow the use of fracking to develop natural gas wells across the watershed, citing insufficient public review and a lack of agreement among state regulators over whether fracking posed a risk to the water supplies in the region.

© 2017 Newsmax Finance. All rights reserved.

 
1Like our page
2Share
Markets
U.S. News and World Report publisher Mortimer Zuckerman says the U.S. can become energy independent. Thanks to American technology and enterprise, we can achieve a degree of energy security that once seemed hopeless but only if we can sort out our priorities, Zuckerman...
Zuckerman,US,Energy,Independent
419
2011-18-28
Monday, 28 Nov 2011 03:18 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved