Wednesday, April 11, 2012

It?s Time To Frack the Innovation System

We weren?t running out of natural gas, as Carter had claimed; in fact, we had gobs of it. We just lacked the technology to extract it. And so a coordinated private-public R&D effort was launched to create a technological fix. It was a kind of mini-Manhattan project, with the role of J. Robert Oppenheimer played by the wildcatting engineer-entrepreneur George P. Mitchell. He was convinced that the enormous quantities of gas locked tightly in the Barnett Shale, located in his home state of Texas, could be squeezed out. At the time, the technological feat seemed so unlikely that one skeptic dourly told Steward: ?If the Barnett is the best thing we have, then we don?t have shit.?

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