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Fracking oil prices in USarticles - Literature review Example

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According to the New York Times writers Clifford Krauss and Eric Lipton, innovations inspired by increasing oil prices since 2005 have enabled this industry to…
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Fracking oil prices in USarticles literature review
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Download file to see previous pages senior representative at the Energy Department, the CEO of Pioneer Natural Resources, a task force member, the GM of the Midland BMW franchise, and the owner of Rusty’s Oilfield Service Company reveal more information about this change in America’s energy sector (Krauss and Lipton, 2012, p. 4).
Dow and Jones writer Daniel Yergin sheds light on the same issue by asserting that today’s “unconventional-natural-gas revolution” converted a shortfall into a huge surplus and changed the natural gas enterprise (Yergin, 2011, p. 2). Yergin’s article cites an independent shale gas producer from Houston David Wessel as proof of this revolutionary change. Since Wessel began extracting in the early 1980s, he has witnessed an immense change in production and market growth over the past decade in contrast to the 1980s and 1990s (Yergin, 2011, p. 5).
Jeffrey Folks, from American thinker, agrees with Krauss, Lipton, and Yergin about the decreasing oil costs across the world caused by fracking in the United States. Like Krauss and Lipton, Folks cites statistics from Bloomberg, CBC, the Wall Street Journal, Trading Economics, Forbes, and EIA (Folks, 2014). These figures point the rise in the production of barrels daily to fracking in the United States. Folks compares this effect to the hypothetical absence of fracking in the United States and Canada. This comparison leads the article to contend further that this fracking revolution may carry on for decades as the United States’ economy revels in growth (Folks, 2014).
H. Sterling Burnett of the National Center for Policy Analysis echoes Folks’ insights about the effect of fracking today in contrast to traditional oil production over the past ten years (Burnett, 2013). With the help of graphs representing recoverable natural gas and daily oil output, the article proves how even electricity providers are shifting to natural gas as a key source of power. This role could not have been possible today without an immense ...Download file to see next pagesRead More
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