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Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

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Indeed chief economist says we’re entering an era of ‘great mismatch’ thanks to a generational imbalance of workers

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Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'
fracking

The White House has released new rules for fracking

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March 20, 2015, 12:49 PM ET
Northeast Debates Benefits And Dangers Of Hydrofracking
SPRINGVILLE, PA - JANUARY 17: A Cabot Oil and Gas natural gas drill is viewed at a hydraulic fracturing site on January 17, 2012 in Springville, Pennsylvania. Hydraulic fracturing, also known as fracking, stimulates gas production by injecting wells with high volumes of chemical-laced water in order to free-up pockets of natural gas below. The process is controversial with critics saying it could poison water supplies, while the natural-gas industry says it's been used safely for decades. While New York State has yet to decide whether to allow fracking, economically struggling Binghamton has passed a drilling ban which prohibits any exploration or extraction of natural gas in the city for the next two years. The Marcellus Shale Gas Feld extends through parts of New York State, Pennsylvania, Ohio and West Virginia and could hold up to 500 trillion cubic feet of natural gas. (Photo by Spencer Platt/Getty Images)Photograph by Spencer Platt — Getty Images

The U.S. Department of Interior said Friday it has finalized new rules to govern drilling on federal land using a process known as fracking, including new measures to protect groundwater.

The rules, the culmination of a four-year process, will affect over 100,000 oil and gas wells on federally managed lands, 90% of which use the hydraulic fracturing technique.

It requires operators to validate well integrity and maintain strong cement barriers to prevent oil leaks into water supplies; requires firms to disclose the chemicals they use; strengthens standards for storing waste fluids and requires companies to submit more information before drilling.

The rules seek to set a national standard for the controversial drilling process, which to date has been governed by a mixture of state regulations.

The rules apply to a small percentage of oil and gas drilling on federal lands, which account for 11% of the natural gas and 5% of the oil the U.S. consumes, The Wall Street Journal said, citing Interior Department data.
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Most fracturing takes place on private or state land that won’t be subject to the regulations, the newspaper noted.

The contentious drilling practice has helped to drive an energy boom in the U.S. in recent years.

For more on fracking and its impact on local economies, read Jennifer Reingold’s article Will America’s shale boomtown bust?

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