The world still harbors large reserves of petroleum, but they are of the hard-to-reach, hard-to-refine, “tough oil” variety that will be more costly to extract, refine and buy at the pump.
New York Attorney General Eric Schneiderman filed a lawsuit against three federal agencies, alleging that they have failed to properly study the impact of proposed regulations on “fracking,” a potentially dangerous process in which pressurized water and chemicals are used to dislodge oil and natural gas below the earth’s surface. (more)