|
U.S. gas supplies have ballooned since the acquisition. Tillerson said Exxon knew there could be an oversupply of gas because of hydraulic fracturing or fracking, which has boosted production. But, he said, the company didn't expect the U.S. economy to remain so weak for so long, which has also undermined gas prices. "There's no regrets," he said of the XTO deal. One of Wednesday's resolutions called on Exxon to report on the risks it faces from opposition to hydraulic fracturing. ISS recommended a "yes" vote but, heeding the board's recommendation, shareholders rejected the measure 70.4 percent to 29.6 percent. Chevron Corp. shareholders voted against a similar resolution at that company's annual meeting in California. Hydraulic fracturing is the high-pressure injection of water, sand and chemicals deep underground to break up rock formations and release more natural gas. This month, the Obama administration issued proposed new standards for "fracking" on federal land in hopes that states will regulate the practice on private land where most of the drilling is taking place in shale formations of the Northeast, the upper plains and Texas. Environmentalists say that fracking chemicals have polluted underground water supplies, a claim that is disputed by energy industry officials. Tillerson conceded that fracking opponents have made a strong emotional case and said industry is fighting uphill against "the energy illiteracy of the public." Referring to a scene in the 2010 documentary "Gasland" in which a landowner uses a cigarette lighter to ignite his well water
-- allegedly because it's been contaminated by gas drilling -- Tillerson said it was hard to show that hydraulic fracturing doesn't contaminate well water, "but if you set it on fire, that's got a `Wow!' factor to it. That's what we're up against."
[Associated
Press;
Copyright 2012 The Associated
Press. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries
Community |
Perspectives
|
Law & Courts |
Leisure Time
|
Spiritual Life |
Health & Fitness |
Teen Scene
Calendar
|
Letters to the Editor