Tuesday, August 20, 2013

Economic misconceptions about the energy sector, as reported by media

"The US shale gas phenomenon has transformed global energy markets," said David L. Goldwyn, US State Department coordinator for International Energy Affairs at a 2010 Global Shale Gas Initiative Conference in Washington, DC.

Image Source: money.cnn.com

"Because we have discovered and we have the technology to develop efficiently large quantities of gas from shale, global prices of liquefied natural gas have decreased,” Mr. Goldwyn added.

This statement confirms that the shale gas boom has been around as early as several years back and has been a major economy booster for the country.

Meanwhile, David Blackmon tries to halt media excitement over hydraulic fracturing’s economic promises in his Forbes commentary. With the shale gas boom well in place, the United States’ economic prospects tied in with its energy activities, particularly hydraulic fracturing, of late, are largely sensationalized by the media as a long-awaited salvation. Such assertions ignore the benefits put to work by the existing shale gas boom.

Image Source: online.wsj.com

Mr. Blackmon also critically questions the chronology of US energy independence as the media tells it. While the media still sees energy independence as a future, Mr. Blackmon asserts that it has already happened, citing his years participating in natural gas supply and demand studies. In general, Mr. Blackmon paints an energy sector different from media presentations, an image disparity that does not accurately inform the public of the state of the country’s energy sector, and the economic phenomena that succeed its developments.

Even oil and gas professionals like Dr. Ali Ghalambor and Dr. Kermitt W. Walrond would agree that the international media’s portrayal of the oil and gas industry and its economic effects do not reveal precise situations in the sector.

Image Source: nytimes.com

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