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Is fracking bad? Many Americans believe it is. So bad that millions of dollars have been paid to Americans to keep their mouth shut.
In a recent Bloomberg investigation, Bloomberg finds that oil and gas companies are paying millions to settle with Americans who claim fracking harmed their health. Peter Cook talks with Bloomberg reporter Mark Drajem and Bloomberg Government senior managing analyst Tony Costello about the investigation and what it means for potential federal regulation of the energy industry.
Fracking, slang for hydraulic fracturing, is an extremely controversial procedure of creating fractures in rocks and rock formations by injecting fluid into cracks to force them further open. The larger fissures allow more oil and gas to flow out of the formation and into the wellbore, from where it can be extracted.
Fracking has resulted in many oil and gas wells attaining a state of economic viability, due to the level of extraction that can be reached.
