GE to Bet Billions on Fracking Boom

Company has spent huge sum in recent years

   

GeneralElectric GE to Bet Billions on Fracking BoomIf you haven’t heard of fracking — the new boom of oil and gas drilling — you’ve likely heard of it now.

Why? Well, U.S. corporate behemoth General Electric (GE) is investing billions of dollars in the oil and gas space, including technologies in the shale development.

In fact, some recent moves include “opening a new laboratory in Oklahoma, buying up related companies, and placing a big bet that cutting-edge science will improve profits for clients and reduce the environmental and health effects of the boom,” according to The Associated Press.

The overall bet totals around $15 billion in investments over the last few years.

As Mark Little, a senior vice president, explained: GE “likes the oil and gas base because we see the need for resources for a long time to come.”


Article printed from InvestorPlace Media, http://investorplace.com/2013/05/ge-to-bet-billions-on-fracking-boom/.

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