The practice of hydraulic fracturing â€” pumping fluid into underground rock to push up natural gas â€” 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 â€” 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 battle over Iran's nuclear program escalated Monday as the European Union announced an embargo on importing oil from Iran.
For years, Europe has been reluctant to join the United States in imposing tough sanctions on Iran. The United States years ago stopped buying Iranian oil, while European nations including France, Spain, Italy, and Greece kept up their purchases. European countries right now buy about 600,000 barrels of oil per day from Iran.
Originally published on Mon January 23, 2012 10:06 am
The European Union officially agreed to impose an embargo on Iranian oil, today. The AP reports that the union's 27 foreign ministers agreed on an immediate ban on new contracts for oil and existing contracts will be allowed to run through July 1.