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The Wall Street Journal | March 13, 2015 | by Matt Ridley
The three main arguments that the environmental movement has pushed forward in recent years in regard to giving up fossil fuels is: (1) That they will be gone very soon; (2) they will be priced out of the marketplace due to alternate sources of energy; and (3) The climate will not be able to bear the consequences of burning them.
The idea that fossil fuels are soon to run out is, at least for now, dead in its tracks. Over the past six months the collapse of the price of oil has been a direct result of an over-abundant stock. The fact is that the consequences of the higher oil prices over the past few years have manifested as more innovation within the hydraulic fracturing, horizontal drilling, seismology and information technology industries. The U.S., the country with the oldest and most developed hydrocarbon fields has again found itself at the top of the energy producing league, giving both Saudi Arabia and Russia a run for their money. The facts about fracking have never been clearer.
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