Following on last week’s State of the Union address that supported hydraulic fracturing, or “fracking” in shale gas deposits, President Obama called the U.S. “the Saudi Arabia of natural gas” and unveiled a new proposal to provide tax breaks to boost the use of natural gas as a fuel for trucks.
But the market has a glut of natural gas due to widespread use of the drilling method, pushing prices to their lowest in a decade and deflating the shale gas rush, leading large producers to cut production to try to bring the price up.
The House of Representatives held a hearing on fracking to follow up on a recent U.S. Environmental Protection Agency (EPA) report that found fracturing fluids were the likely cause of contaminated groundwater in Pavilion, Wyo. At the hearing, a filmmaker who made the documentary “Gasland” was arrested for filming without a press credential—an action that Rep. Jerrold Nadler (D-NY) said was unprecedented.
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