• 4 minutes USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
  • 10 minutes IT IS FINISHED. OPEC Victorious
  • 16 minutes GOODBYE FOREIGN OIL DEPENDENCE!!
  • 3 hours Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 5 mins End of EV Subsidies?
  • 2 hours Maersk's COO statment.
  • 1 day The Great Climate Change Swindle
  • 5 hours Price Decline in Chinese Solar Panels
  • 4 hours China Builds LNG Icebreaker
  • 4 hours Trump accuses Google Of Hiding 'Fair Media' Coverage of him
  • 2 hours Venezuela continues to sink in misery
  • 5 hours OPEC Cuts Deep to Save Cartel
  • 6 hours EPA To Roll Back Carbon Rule On New Coal Plants
  • 1 day Exxon buys green power.
  • 2 days More OPEC Members May Leave
  • 2 days S. Australia showing the way
Iran: Oil To Fall To $40 If OPEC Fails To Reach Deal

Iran: Oil To Fall To $40 If OPEC Fails To Reach Deal

Iran, one of OPEC’s largest…

Oil Prices Tank Despite Large Crude Draw

Oil Prices Tank Despite Large Crude Draw

Oil prices fell on Thursday…

Father of Hydraulic Fracturing Dies at 94

George Mitchell, who doggedly pursued new techniques to extract natural gas from fields other considered unrecoverable, passed away at his home in Galveston. He was 94.

His success in finding a method to extract untapped reserves sparked a new oil and gas boom in the US and countries beyond.

Mitchell was born in 1919 into a Greek immigrant family who operated a cleaning and shoe shine business. He earned a degree from Texas A&M University in petroleum engineering. His self-named oil and gas company, Mitchell Energy & Company, became a Fortune 500 company.

In the '80s and '90s he worked on his idea for horizontal drilling of natural gas in shale rock formations. He spent $6 million of his own money trying to solve the problem, a sum the Economist calls ". . . the best-spent development money in the history of gas."

"Big oil and gas companies were interested in shale gas but could not make the breakthrough in fracking to get the gas to flow. Mr Mitchell spent ten years and $6m to crack the problem (surely the best-spent development money in the history of gas).

Everyone, he said, told him he was just wasting his time and money."

Ten years ago Forbes ranked Mitchell as one of the 500 richest people worldwide. His net worth was estimated at $1.6 billion.

Mitchel was a philanthropist and donated $159 million to universities and research organizations.

By. Michael Allan McCrae



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
-->