Fractured fracking facts: Rewriting energy history
Energy Secretary Ernest Moniz at best exaggerates wildly by claiming credit for the benefits of America's fracking boom in his department's exit memo.
That's quite something from an administration that, as The Daily Caller notes, “has pushed regulations to curb drilling” and “has repeatedly taken legal action against fracking.”
The Daily Caller puts Mr. Moniz's exit-memo claim in context: “DOE put an inflation-adjusted $4.5 billion into unconventional oil research during the 1970s — for reference, that pales in comparison to the $13 billion green energy got in subsidies during 2013 alone.”
And don't forget that fracking was “first developed by private industry in the 1940s.”
Moniz no doubt wants to burnish the Obama administration's legacy. But the dramatic reductions in “energy-related carbon dioxide emissions” and energy prices that he cites in his exit memo happened because fracked natural gas replaced coal in power plants and fracked oil replaced imported oil — not because the administration lavished billions of dollars on pie-in-the-sky green energy projects.
In fact, fracking has brought about a domestic energy revolution because the U.S. oil and gas industry invested enough to make the process commercially viable, not because federal bureaucrats spent some taxpayer money four decades ago. And that — not Moniz's self-serving rewrite of history — is the real fracking story.