Decades of Federal Dollars Helped Fuel Gas Boom
The current boom in natural gas came from innovations in hydraulic fracturing, or fracking, and has lately been described as a “free market success story.” Ask the players who were involved in fracking since the early days of the 1970s and 1980s, though, and you’ll hear a different story. The federal government gave more than 100 million dollars in seed funding for research and innovative drilling experiments that would prove fracking’s feasibility and become the driving force behind the boom. Experts say discoveries like these are proof that the federal government has to be involved when it comes to R&D and developing new technologies.
The full Sept. 23, 2012 Associated Press article can be viewed here.