by Bruce Fisher
Anti-frackers have reason to despair. The New York Times recently editorialized that hydraulic fracturing of deep strata to release their hydrocarbons is “safe.” President Barack Obama looks upon the massive exploitation of shale-trapped fossil fuels as a major national opportunity. And now a new report from a Harvard-based researcher finds that hydraulic fracturing is a key reason why everything that “peak oil” theorists have been saying about the planet running low on oil is absolutely, stupendously wrong.
The new report by Leonardo Maugeri, an Italian former oil executive now at Harvard’s Kennedy School of Government, says that the amount of petroleum that is available is vastly greater than ever previously understood. Soon, there will be so much more oil produced in the US that we will become the world’s second-largest producer of oil, after Saudi Arabia.