8 posts tagged with fracking and naturalgas. (View popular tags)
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[E]xtraction companies are buying up the rights to drill on private property with unprecedented speed. At stake are geysers of money. And in the thousands of cases in which the landowner is of the Amish faith, their business partner would never dream of taking them to court should things go awry. This, obviously, has enticed some companies to take advantage of Amish farmers—who are finally figuring out how to fight back.
This perspective has a corollary: natural resources cannot be used up. If one deposit gets too expensive to drill, social scientists (most of them economists) say, people will either find cheaper deposits or shift to a different energy source altogether. Because the costliest stuff is left in the ground, there will always be petroleum to mine later. “When will the world’s supply of oil be exhausted?” asked the MIT economist Morris Adelman, perhaps the most important exponent of this view. “The best one-word answer: never.” Effectively, energy supplies are infinite.[more inside]