Culture > Q&A

Moral markets

"Moral markets" Continued...

Issue: "Boy Scout dilemma," May 18, 2013

You write about the importance of shale gas and fracking to the future of the United States. Why is that significant? Fracking is a short word for hydraulic fracturing, which is a form of getting natural gas out of shale, rock. Everyone’s known for a zillion years that kind of rock has natural gas, but there was never an economic way to get it out. The free market allows creativity and innovation, and some years ago George Mitchell in Texas put his own money into research, and ultimately the breakthrough came. We’re going to have cheap energy again, and in a few years we’ll be exporting energy in a major way, if the government doesn’t stop it. Having trucks on natural gas will be great for the environment, but it will change the geopolitics in the world. 

Taking away Russia and the Middle East’s leverage? Western Europe’s dependent on natural gas and a big chunk of it comes from Russia: If natural gas is easy to get and cheap, there goes their leverage. Because of fracking, American households spent $12 billion dollars less on natural gas to heat their homes this winter than they would have if Mitchell and his engineers hadn’t come up with it. It’s just beginning: Creativity comes from free markets. They’re not perfect because people are not perfect.

Watch Marvin Olasky's complete interview with Steve Forbes:

Marvin Olasky
Marvin Olasky

Marvin is editor in chief of WORLD News Group and the author of more than 20 books, including The Tragedy of American Compassion. Follow Marvin on Twitter @MarvinOlasky.

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