Fracking Fears Seen by Chevron CEO Needing Industry Remedy
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Energy producers must deal with the “legitimate concerns” that gas development associated with hydraulic fracturing is unsafe by adopting tougher standards, Chevron Corp. Chief Executive Officer John Watson said.
BP Plc’s 2010 oil spill at its deepwater well in the Gulf of Mexico -- the worst in U.S. waters -- fueled public skepticism of the industry, Watson said today in Washington. Fracking, a drilling technique that has increased production by extracting oil and gas trapped in shale rock, has drawn oil and gas companies to rural communities that aren’t familiar with the development.