Larger question about the harm analysts. Most, not all, most said genuine concern. It is not just a cause. Sometimes it is just a cause, but over time there are genuine and the people involved dug generally worried. If i lived in a pretty area and did not need to release my land that would really embrace it. Unfortunately there are parts of this country where things were kind of challenging and tough to be looked at new york state. Some really destitute and troubled areas. Instead of fracking, they will embrace gambling, which is kind of sad to me. I come back to that theme of instead of telling people not to do with, lets encourage it and put many more regulations and scrutiny on there. One more back there. 5 million gallons of water per well. Thats true on average. I understand that they have pitched to recapture that toxic water, but they do not recapture every one of those 5 million gallons. Is fracking safe for new york citys water, sir . New york city water. Yes, as i said. The water that i talk about, the 5 million per well, that often comes back up. Then they have to either treated, recycle it, or send it back down. We are not drinking that water. So that stuff is not what we are drinking right now. The question is the danger, as i said earlier, whether the chemicals will get into the water system. Again, the Scientists Say it is unlikely, but you never know. There are risks to everything, driving when you go home tonight. All kinds of risks. The question is balancing the risk with the benefit. All kind of benefits. We had a huge spill in the gulf. People and not saying that we should stop using cars as a result. Theyre saying that that was a mistake and they should pay for it, and they have. We go back to looking for oil elsewhere in different kinds of places. Fracking touches a nerve with people. I guess it is in peoples backyards, and i understand that there is no guarantee. It is sort of like surgery or Something Else, driving a car. There are risks involved. The question is whether as a nation we are okay embracing those risks and dealing with those risks. I would argue that the risks will be reduced if instead of condemning these guys we work with them. Should i take one more may be . One last one. Does fracking use water as pressure . Also, the chemical as a Chemical Waste to extract. So if that is the case, it can be 100 recycled, right, the water . Unfortunately not. They are working on it. Whether the water can be recycled. So they are working on it. Some Big Companies like apache are working on ways to recycle the water. I would argue, it is more expensive. But we are not yet at the point where we can recycle 100 percent of the water and reuse it when it comes to fracking. Ultimately will get to that point. I will be here. I cant talk to people individually. Any questions i will be glad to take. [applause] [inaudible conversations] tuesday night on book tv in prime time a look at the history and future of money. At 8 00 p. M. After words. A discussion on the role of philanthropy in defense, research, and development funding. Live from the Heritage Foundation starting at noon eastern on cspan. Here is a great read to add to your Summer Reading list. A collection of stories from some of the nations most influential people over the past 25 years. I always knew there was a risk. I decided to take it because whether it is an illusion or not i dont think it is. It helped my concentration. It stopped me being board, stop other people being boring to some extent. It would keep me awake and make it easy for me to go on longer, prolong the conversation, and hence the moment. If i would ask, what i do it again, the answer is probably yes. I would have quit earlier, perhaps hoping to get away with the whole thing. Easy for me to say, of course. Not very nice for my children to here. It sounds irresponsible if i would say i would do all that again to you, but the truth is it would be hypocritical of me to say no at never touch the stuff if i had known. I did know. The soviet union and the soviet system in Eastern Europe contained the seeds of its own destruction. Many of the problems that we saw at the end began at the very beginning. I spoke already about the attempt to control all institutions and control all parts of the economy and political and social life. Part of the problem when you do that when you try to control everything, then you create opposition and potential dissidents everywhere. If you tell all artists they have to paint the same way and one says, no, i dont want to pin that way. You have just made him into a political dissident. If you want to subsidize housing in this country, and we want to talk about it and the populace agrees it is something we should subsidize, then put it on the ballot sheets and make it clear and make it evident and make everybody aware of how much it is costing. But when you deliver it through these third Party Enterprises to my fannie mae and freddie mac, when you deliver the subsidies through a Public Company with private shareholders and executives who can extract a lot of that subsidy for themselves, that is not a very good way of subsidizing home ownership. Christopher hichens, and applebaum, and Gretchen Morganton are a few of the 41 engaging stories in cspan new book now available at your favorite bookstore. Coming up the spotlight program focusing on the congressional investigations into General Motors ignition switch recalls. Here is a look at testimony by the gm of Victim Compensation advisor. It is kind capped. We are authorized to pay as much money as is required through the processing of eligible plans. The bankruptcy of gm is no barrier to compensation. If there were accidents that occurred before the bankruptcy they are as eligible as accidents that occurred after the bankruptcy. There are some people who already settled their claims years ago with General Motors. They signed a release that they will not sue. They can come into this program. And if under our compensation rules they are entitled to additional compensation they will be paid. The contributory negligence of the driver, speeding, cellphone sexting while driving, intoxication, irrelevant. We are not looking at the driver or the circumstances of the drivers negligence. We are looking at the automobile and only at the automobile. To determine whether or not the defective ignition switch was the proximate cause of the accident. Spotlight on that gm ignition switch recalls starts at 8 00 eastern tuesday night on cspan. Now wall street journal reporter russell gold on his book the boom how fracking ignited the American Energy revolution and changed the world. From the san antonio book festival this is 45 minutes. That is a sensitive topic. I am from philadelphia. We have a losing streak going. A very difficult to read about that. Are we all set . Well, welcome, one and all. I am robert rivard. It is my distinct pleasure to be the moderator today from my conversation with russell gold, Senior Energy reporter for the wall street journal based in austin, texas. Important for me and i hope all of you, this is also something of a homecoming. Russell gold was a young reporter at the Philadelphia Inquirer at the mid90s. 1996 when i was editor at the san Antonio Express news we hired russell and the came to san antonio and had a wonderful three or four year run as a reporter here. He met his wife and got married, worked in our Capital Bureau in austin for a while before moving on to the major leagues and pick time. He has written a terrific book about fracking, the boom. I have seen for five books on the subject and none of them kept my attention until this one. It is a terrific book. Want to congratulate you on it. I know a lot of people are very passionate about fracking. Right in our backyard is a shield plane. People on all sides of the issue will have a lot of things to contribute to the conversation. It is being found by cspan. When we get to q a their will be someone in the audience moving around with a microphone. I ask you told your question until you have the microphone in front of you so that it is recorded. People feel like were going on too long and you cannot wait to ask her questions start waving your arm and will realize it is time to go. So here you are, the Energy Reporter for the wall street journal. You covered the deeper rise in oil spill in the gulf for which she won an award you are covering energy. That means covering fracking you are going all over the country to do it. Did you get a telephone call from your parents. I would like you to tell us about that telephone call and what it was about. It is too good of the story not to share. I started covering fracking back in 2003. After doing this about ten years. I went on my first job in 2003. So by 2008 or so i had been to several. I went north of fort worth and watched the expansion around the southwest. I got a phone call from my mother. She said, you know the land that well with some friends a few hours outside of philadelphia . A company can buy and want to lease it. They want to drill zero wells there. This is preposterous. I had grown up during weekends up here and summer vacation. About 100 acres. Incredibly rocky. This was a rocky area of the farmers did not want. We were able to run around. For city kids, this is where you got in touch with nature all of a sudden i was forced to step out of being a journalist. The question she asked me was, should we do it, should we lease the land, is this good . I covered this for five years. I knew of the players and interview them and the numbers. You have to crunch a lot of numbers. And all of a sudden she was asking me is really incredibly important question which was not just, should we do it, but if we do it is this going to help, is this going to make the world a better place, is this going to destroy the land . These incredibly difficult questions. In some ways i struggled with them, but now all of a sudden i had to confront them on a very personal level. It took me awhile to stop and think. How do i answer that . And what i finally did come i was thinking a lot about that and i was thinking about a trip i made recently to mexico, ted turners ranch, a beautiful set bread of land. He was allowing some natural gas drilling. And we had written about all of the various efforts he had undertaken to try to keep the land pristine and beautiful. He brought a lot of big game hunters and. I said, you know, look, it is going to be intrusive, noisy. It is going to be industrial, but there are ways to do it. And i think naturalgas can really help this change we are going through in the country, the energy transformation. We really are going through a time where we are leaving the old way we used to do things, coal, nuclear, oil, and we are moving to a new future which is a lot more gas and renewals. I said, natural gas is part of that. It will help put us on a path to where we want to be. And do your best to write a lease so that it inconveniences you as little as possible. If youre asking me whether you should do it, you probably should. That is the answer i gave. There was money on the table unbelievable. This was the boom. This is when people were just rolling around money to try to grab as many leases as they could. There was money involved. I dont want to know exactly how much. I found out for the book. I dont want to know what you do with the money. Keep me away from that. They were talking about a thousand dollars an acre and it was a Hundred Acres of land. It wasnt all my parents. This is what happens. In pennsylvania, south texas , north dakota, when the land man came they talked very real money, especially if you have a few acres. It becomes difficult to resist. Before we leave the family farm, as it is called in believe it or not the Endless Mountains where he spent his weekends, the well prove out or was it dry . That is the amazing thing about shell shales. The wells are all good. That might not all be money makers. You might spend too much, but if you drill a well you will get oil and gas out of it. They bulldozed about an acre, acre and a half at the front of the property. They put an Industrial Facility there. It is going to ultimately hold eight. There are two so far. The good and the bad news. The good news is the water is fine, there is fine, you can still go up there and enjoy yourself. It did not destroy anything. The bad news is that when i asked my parents, one of the things you need to do is make sure that this is built right. Call up chesapeake and ask how theyre making sure it will stand up for 20, 30, 40, 50 years. And my father got the runaround. He was transferred to Oklahoma City and then to some Regional Office and back to Oklahoma City and never found out. That is a concern. I right about that in the book. If were going to be drilling so many wells and fracking them. We need to make sure it is being done right. That is a legacy we cannot afford. If we are not doing it right and leaving behind the possibility of leaking and impacting our offers, that is a legacy we will look back on with a lot of regret instead of excitement that we did something right. Lets take that personal story and move it over. I think that there is an extraordinary tension between this incredible amount of money that is floating in south texas, lots of families like yours have suddenly been showered with money. A lot of both the people have become a lot wealthier. Tens of thousands of good jobs a been created. On the other hand to what people are enormously concerned about the environment. These wells individually take two and a half million gallons of water in a state where water is very scarce, particularly in a drought. A lot of concern about rejecting the chemical contaminated water back into the ground, about surf as well conditions, which you just mentioned. That can lead to ground pollution. And also south texas has been changed forever in terms of the small town culture which i dont want to romanticize. It is also a very impoverished area. Many people there will say, we will take the jobs. Thank you. All bonds lead to a bust. What do you think the legacy of that is . It is a great question. Last time i was down there may be a year or so ago and when i was working for the san Antonio Express news, one of the things i did was drive around a lot. I remember these towns. You go there now and you did not even recognize them. It is not the same town. It is as if a new town of 24hour mcdonalds has been placed on top of it. Not quite sure where the old town was. One of the real signatures of this is how quickly it is moved. And there is good about that but also bat. We were ten years in before regulators and the companies themselves started really asking tough questions. What exactly is going on with air emissions . The cumulative impact . Is it healthy . What about this water . Is and some of this waste water causing earthquakes . These are important questions. One of the big mistakes that has been made is that we were so far into the boom before we started asking questions. The good news is when you start looking at these there are answers. There are solutions, ways to do this better and right. Very simple, first when i lived in san antonio there were no earthquakes. You just did not feel them. Now it is a fairly regular occurrence. Small ones. Did you know that when you go and get a license to drill and inject wastewater into the land you dont have to ask or prove that you are not your fault . Well, that would seem to be a pretty common sense thing. Basically you are lubricating fall so that they are slipping and causing earthquakes. They would have eventually, maybe in 10,000 years. Theres beating that up right now. There are some really common sense things that can be done. And let me give you another example. You brought up water in south texas and west texas were the permian boom is going on. These are waterstarved areas. For 5 million gallons of water, fresh water. One not use saltwater . Theres a simple answer when you ask the industry. The answer is, well, we just never did. We worked out the chemistry for fresh water. Well, there is no reason why you cant do it. The industry is starting to move in that direction. Slowly, but they are moving. I would say, yes, there is a huge amount of wealth created, a lot of jobs, a lot of good news. Not just that, but when you talk about we are importing so much less well than we ever used to come lots of security benefits. At the same time lets take a little time and ask the questions. What else can be done to make sure that theyre safe and that the bone did not leave a legacy that we dont want it to . I want to stay on these environmental issues. We live and of low regulatory state which is about what a tax attract business and what allows it all myself regulate. We have the Texas Railroad commission which most people may not realize has nothing to do with real gross. It is really the same entity that is charged with incentivizing business to operate and then to watch it and so consequently you have i remember Elizabeth James jones and her famous trio, baby, drill speech that was given here in san antonio which to not sound like a regulator. I wonder whether or not you can trust the industry to do the things were talking about or whether asking all smelly for another environmental catastrophe, maybe not that deep water are rising, but left to their own devices the proper motive will always trump environmental and safety concerns. One of the you bring up the deep water horizon which was the bp rate that lost control of the well for weeks andoil. One of the things that came out of that and i covered that extensively, as in federal agency that was charged with raising money for the government by leasing of some of these boxes in the gulf of mexico was also charged with regulating it. You have the cheerleader and the regulator under the same roof which is exactly what we have in texas and north dakota. The federal government in my opinion made the right decision by splitting those out. You cannot have them under the same roof. I have not heard that in texas. I think that is difficult because your question implies an a