According to BusinessWeek” Unlocking vast reserves of shale gas could solve the energy crisis, the jobs crisis, and the deficit. Now, about fracking’s safety ...
"In late 1998, Chesapeake Energy (CHK), an independent natural gas producer based in Oklahoma City, exemplified an industry in decline. The company’s stock price had fallen over two years from above $34 a share to 75¢. Its market value tumbled 93 percent, to $72 million. “They’re running up a down escalator,” Michael Spohn, an analyst at Petroleum Research Group, told Bloomberg News.
"Thirteen years later, Chesapeake’s market value exceeds $18 billion. Its shares sell for about $28, up 8 percent this year. The company’s 120-acre neo-Georgian corporate campus bustles with construction crews building new office space. Its workforce has grown 30 percent in a year, to 12,200, and its recruiters have 700 jobs to fill. “The United States,” Chesapeake’s CEO McClendon boasts, “has the capacity to become the Saudi Arabia of natural gas.”
"A tall man who wears his wavy silver hair long by CEO standards, McClendon, 52, exudes the confidence of someone who’s certain he’s seen the future. Exploitation of newly accessible supplies of gas embedded in layers of what’s known as shale rock, he predicts, will help revive domestic manufacturing and change the terms of debate about global warming. “It’s a new industrial renaissance,” he says….
Read more at http://www.businessweek.com/magazine/could-shale-gas-reignite-the-us-economy-11032011.html
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