Originally published on Thu January 26, 2012 6:23 am
President Obama will flesh out the energy goals he laid out during his State of the Union address today. He'll start talking about natural gas in a UPS Facility in Nevada and continue on to the Buckley Air Force base in Aurora, Colo., where the Air Force is installing a one-megawatt solar array.
Reuters reports that in Las Vegas, Obama will propose a tax credit that helps offset the upfront costs of buying natural gas trucks.
Fresh off his State of the Union address, President Barack Obama has embarked on a five-state campaign-style tour which will include a brief stop today in the Denver area. Mr. Obama is scheduled to give a speech on “new energy” at Buckley Air Force Base in Aurora.
The practice of hydraulic fracturing — pumping fluid into underground rock to push up natural gas — has its detractors, especially among environmentalists. But it's becoming clear that whatever its drawbacks, "fracking," as it's called, is producing a lot of gas — maybe too much gas.
Fracking was once a small part of the natural gas industry, a technique to get hard-to-reach deposits in underground shale. Then the technology improved, and the dinner bell rang. Everybody wanted in. Now there's so much gas on the market that the price is at a 10-year low.
The tough economy has taken its toll on most states, putting budgets deep in the red and putting people out of work.
But North Dakota has a low 3.5 percent unemployment rate and a state budget with a billion dollar surplus. That's because of a major oil boom in the western part of the state, a discovery of at least 2 billion barrels to be gained by fracking — the controversial process of injecting fluid deep into underground rock formations to force the oil out.