THE INTEGRATION OF BANKING AND TELECOMMUNICATIONS: THE NEED FOR REGULATORY REFORM

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636 JOURNAL OF LAW AND POLICY

I. HYDROFRACKING: ECONOMIC BOON OR TICKING TIME BOMB?

A. Hydrofracking Background

Although hydrofracking has been used by the natural gas
industry for the past fifty years, it has only recently become
popular.^27 Its increased use is attributable to the growing
desirability of natural gas for environmental and economic
reasons, the discovery of large gas reserves within the United
States, a desire to create homegrown energy opportunities, and
new advancements in the process of hydrofracking.^28 While
scientists have known for years that certain shale formations
possessed high quantities of natural gas, it is recent
technological advancements that have opened up these shale
formations to drilling.^29 One such shale formation is the
Marcellus Shale, which runs underground from Ohio through
northeast Virginia into Pennsylvania and southern New York.^30
Although it is unclear how much natural gas is recoverable from
the New York portion, some estimate as much as 489 trillion
cubic feet (“TCF”) of natural gas exist throughout the entire
shale.^31 To put this into perspective, the United States’ current
annual rate of gas consumption is only 25.5 TCF.^32 Gas from
shale production alone could provide for practically all domestic
natural gas demand with surplus gas that could be exported.^33


(^27) Goho, supra note 14, at 3.
(^28) Id.
(^29) Marianne Lavelle, Forcing Gas Out of Rock with Water, NAT’L
GEOGRAPHIC NEWS (Oct. 17, 2010), http://news.nationalgeographic.com/
news/2010/10/101022-energy-marcellus-shale-gas-science-technology-water/.
(^30) Marcellus Shale, supra note 2.
(^31) Id.
(^32) Natural Gas Consumption by End Use, U.S. ENERGY INFO. ADMIN.,
http://tonto.eia.doe.gov/dnav/ng/ng_cons_sum_dcu_nus_a.htm (last visited
Mar. 19, 2013).
(^33) What is Shale Gas and Why Is It Important?, U.S. ENERGY INFO.
ADMIN., http://www.eia.gov/energy_in_brief/article/about_shale_gas.cfm
(last updated Dec. 5, 2012).

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