America is becoming the new Saudi Arabia, turning from an oil-consuming nation into a power producing nation. When Obama was elected, we were importing almost two-thirds of its oil. That number is down to below almost half and is still falling. What caused this? Fracking.
In the July 16th edition of the Financial Times, Edward Luce writes: "Those 5 million ‘green-collar jobs’ Mr. Obama once promised have been quietly forgotten. Most of America’s new jobs are on (gas) drilling rigs in places such as North Dakota, New Mexico and Ohio."
Meanwhile, something’s going on in India: Guar, a modest bean call guar that is only grown in the desert and is so hard that it can crack teeth, has soared in price, making once-poor local farmers wealthy, because it’s a crucial link in fracking because it can stiffen water so much that a mixture is able to carry sand sideways into wells drilled by horizontal fracturing.
In the July 17th edition of the New York Times, Gardiner Harris quotes farmer Sohan Singh as saying, "Now we have enough food, and we have a house made of stone," all thanks to Halliburton, which is buying up all of the guar it can find–a bean that once was considered too non-nutritious for humans and so was usually fed to cattle.
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