‘US Fracking Is A Very Large Red Herring’

Thursday, December 25, 2014
By Paul Martin

MYLES UDLAND
BusinessInsider.com
DEC. 25, 2014

Jeremy Grantham is not a believer in the shale fracking boom.

Back in November, we highlighted Grantham’s full quarterly letter to GMO clients, in which he said, among other things, that the US shale boom had been “a very large red herring.”

So while some say the fracking boom has helped keep oil prices low and aided the US on its path to energy independence, Grantham thinks it might have set us on a path to nowhere.

“Its development has been remarkable,” Grantham writes.

“It will surely be seen in the future as a real testimonial to the sheer energy of American engineering at its best, employing rapid trials and errors — with all of the risk-taking that approach involves — that the rest of the world finds so hard to emulate. Similarly, it will always stand out as remarkable proof that, so late in the realization of the risks of climate change and environmental damage, the US could expressly deregulate such a rapidly growing and potentially dangerous activity.”

The Rest…HERE

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