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America's energy production and reserves are soaring while emissions are falling. The boom is fueling tremendous job creation as hundreds of billions of dollars are being spent to not only keep......
America's energy production and reserves are soaring while emissions are falling. The boom is fueling tremendous job creation as hundreds of billions of dollars are being spent to not only keep growing production but use cheaper American energy in manufacturing. This is fueling additional tax revenue for governments, while making millions of Americans rich and saving the rest of us a lot of money on our energy bills.
Clearly, the energy boom is doing a lot of good. However, not every part of the boom is positive. Produced water from fracking is thought to cause earthquakes while overall water usage for fracking is impacting already parched areas of the country.
Worse yet, there's an ugly side of the boom. Chesapeake Energy (NYSE: CHK), for example, has been accused of collusion to keep lease prices down in Michigan. In addition to that Chesapeake Energy is also being accused of short-changing landowners on oil and gas royalties in Pennsylvania. On top of that companies like Kodiak Oil & Gas (NYSE: KOG) have incinerated hundreds of millions of dollars' worth of natural gas in North Dakota. Lack of pipeline infrastructure leaves companies like Kodiak Oil & Gas with no choice but to flare excess gas production instead of venting it into the atmosphere, which is much worse for the environment.
Without a doubt the industry and the nation have a lot of work to be done to make America's energy boom even better. The problem is that both sides of the debate tend can refuse to look at both sides, which is hindering real progress. That's why I created the slide show below to help put the boom into a better total perspective. It shows all the good the industry is doing while also highlighting some of the areas of weakness that need to be addressed.