REUTERS/Lucy Nicholson - A pumpjack brings oil to the surface in the Monterey Shale, California, April 29, 2013. The vast Monterey shale formation is estimated by the U.S. Energy Information Administration to hold 15 billion barrels of technically recoverable oil, or four times that of the Bakken formation centered on North Dakota. Most of that oil is not economically retrievable except by hydraulic fracturing, or fracking, a production-boosting technique in which large amounts of water, sand and chemicals are injected into shale formations to force hydrocarbon fuels to the surface.
Blog Post | Advanced Industries Series
Funding economic change with fracking revenues
April 25, 2016,
First, the fracking boom strained state and local governments as unconventional oil and gas development generated population spikes, heavy truck traffic, and new service demands. Now the fracking bust is straining government again. This time the pain involves idled drilling rigs, worker layoffs, and gaping budget holes. Isn't there a better way?