Fracking for oil and natural gas is transforming the way America powers its economy. The flood of low-priced natural gas has undercut new nuclear plants and nudged utilities to pull the plug on old ones. Cheap gas also has stolen market share from coal and also hit renewable sources of power such as wind and solar. Now the fracking bonanza is spreading to China and beyond. With the US poised to become the world's largest petroleum producer in a few years the world's new energy equation could undermine OPEC and profoundly alter the geopolitical balance of power.
Russell Gold's new book "The Boom" illustrates Texas oilmen and Oklahoma wildcatters who developed and perfected hydraulic fracturing technology that ushered in a new era of American industry. In this video, Gold gives a brief history of the origins of fracking, and how the industry got to where it is today.
Russell Gold, Reporter, The Wall Street Journal; Author, The Boom: How Fracking Ignited the American Energy Revolution and Changed the World
This program was recorded before a live audience on April 1, 2014.
Gregory Dalton is chief operating officer at the Commonwealth Club of California and Director of The Club's Climate 1 Initiative. He previously was international editor at The Industry Standard magazine, an editor for the Associated Press in New York, and a correspondent in China and Canada for the South China Morning Post, a Hong Kong newspaper.
Proficient in both Mandarin and Cantonese, he is a former term member of the Council on Foreign Relations.
Reporter, The Wall Street Journal; Author, The Boom: How Fracking Ignited the American Energy Revolution and Changed the World