Josephine V. Yam

U.S. Energy Boom: Miracle or Mirage?

In his New York Times op-ed article, “Is the Energy Boom a Mirage?”, Steve Yetiv remarked that while the U.S. is experiencing a boom in oil and natural gas production, the benefits of the boom may have been exaggerated. For instance, it will neither automatically produce lower oil prices nor bring greater energy security as expected.

Mr. Yetiv set out several reasons why optimism for boom must be tempered. One reason is the growing backlash against hydraulic fracturing, or fracking, which can pollute water systems. While emerging technologies are making fracking safer and less environmentally damaging, the costs involved are currently not financially justifiable.

“To be sure”, he observed, “the American boom has its positives…Use of America’s abundant natural gas can also offset reliance on dirtier coal.” But he cautioned that “a boom in fossil fuels is hardly something to celebrate, given the urgency of climate change.”