GE to Bet Billions on Fracking Boom

by Alyssa Oursler | May 28, 2013 12:24 pm

GE to Bet Billions on Fracking Boom

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[1]) 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[2].

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

As┬áMark 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.”

Endnotes:
  1. GE: http://studio-5.financialcontent.com/investplace/quote?Symbol=GE
  2. according to The Associated Press: http://hosted.ap.org/dynamic/stories/U/US_GAS_DRILLING_GENERAL_ELECTRIC?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT

Source URL: http://investorplace.com/2013/05/ge-to-bet-billions-on-fracking-boom/
Short URL: http://invstplc.com/1frwJWt