Despite Exxon’s announcement Monday that it will acquire XTO Energy, a major player in natural gas and unconventional shale, it’s still too early to celebrate the arrival of the natural gas era.
If Congress decides that hydraulic fracturing, aka fracking, contaminates underground drinking water, Exxon can back out of the deal.
WSJ.com: If Congress does act, a number of well-known companies – such as Chesapeake Energy, Petrohawk, Range Resources and Devon – could face an impact. Fracking involves pumping thousands and thousands of gallons of water mixed with sand and drilling fluids into dense rock formations.
Critics contend the practice can cause pollution, especially to drinking water, a charge the industry rejects.
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