Only in America? According to Bloomberg, hydraulic fracking, the promising work-in-progress energy technology, is running into problems outside the United States:
Some shale formations in Europe and China are impervious to drilling techniques that opened vast reserves of natural gas and oil from Texas to Pennsylvania, said Rex Tillerson, Exxon Mobil Corp. (XOM)’s chief executive officer.New methods and tools will need to be invented to tap many of the shale fields that energy companies and governments expect eventually to yield a bonanza of fuel, Tillerson said during a meeting with analysts in New York today.
At the moment, while a few US shale formations have proven impervious to fracking, America appears to be the only country able to take full advantage of this remarkable developing technology. This will change, of course, as the science progresses. But in the meantime, Via Meadia marvels at how special providence seems to be at work once again…Drunks, fools, and our favorite Uncle Sam.