Chapbook. She is also working with the survey and has other exciting titles coming for us. I work with an array of writers, some i have heard me mention including same who many of you know who is making her own books and films together. The addicted feature film cannot tober. You also need to know the Cultural Workers who are supporting and promoting these brilliant writers. Theyre People Publishing literary journals print and online in other publications and creating bookselling type. Laura peek round with queerly the journal. There is no say it sounded ivonne cavanagh. Theres brittle paper, it really books site online. There is my homesite smackers. What more can i tell you. Just pay attention. Make the effort to find out what is going on, what the work is out here. It launches necessarily, do you. Communicate with publishers. Everybody is on Twitter Facebook these days. Is there something you want to read, if theyre sent to you think its important for Book Publishers to do, let us know. Atria books is on twitter. I am on twitter. Facebook, interest, and strip you, these are solid and good modes of communication for particularly the africanamerican community, lack community locally and globally to communicate. Avoid the temptation of pitching me books online, but do write me and let me know what you would like to read. And read and read and read. Now even scientists are concluding then showing us how reading too young children, i was reading ourselves affects our brains in a positive way. It is healing. Not just recreation. Its not just something you do in school. I read a statistic that worked than 40 of people dont read locks once they graduate from school. Weve got to do better for ourselves. You know, we just even need a quiet place to relax for a Blood Pressure to reduce. Read, read, read. One area where you wont get much argument from people across cultural lines is run the whole question of education and home port and it is. Generally when we are talking about that, we are talking about the marginalized and the poor, how we need education to survive in her eyes. But the leadership need education ,com,com ma too. The elite and education, too. What better way to succumb to some kind of understanding of that other person, added that other culture who has that other part is banned to read a book. So to my publishing colleagues, to my community leaders, read a book by a black person, via caribbean, by an african. You know, that is the way we are going to heal each other and though these bridges and rebuild the society. I really appreciate your patience and attentiveness and have a great time at the fair and thank you. [applause] more now. Gregory zuckerman talks about the wildcatters and the tracking industry in the endeavor many people the oil industry said was foolish. This is about our 45 minute. [applause] thanks very much. Great to be here. I spent a good chunk of my Research Time working at the New York Public Library and a huge Beautiful Run they have available to the public and a pleasure and honor to come here and give a talk about my book, the frackers. Often when you read a book and its a project, youre not even sure you can get it done, let alone come back to a nicer like this and share some thoughts. Its a pleasure and privilege to be here. I am going to talk about my book , the frackers and some observations from this era of energy come a resurgence, production resurgence in this country. But i thought it would first take a step back and explain why a guy like me started a project and threw myself into writing about energy and oil and gas in the wildcatters and trackers who were changing this country and the world. Ive been at the wall street journal for a while now. 1996 i started in a freight about all kinds of big that the journal. What i love to do is write about home runs than strikeouts. What i mean by that is i like to write about firms and individuals that make colossal mistakes, do things wrong, get in trouble and flameout. And i like to write about home runs. On the sports guy. You can tell maybe. A homerun in the world is safer or individual that makes a great decision, it works out well when they change their own firm of the country, something they come the media. So i find there is a lot at drama in home runs than strikeouts and a lot of lessons to be learned as well for readers and for my health. So why not check it to that and it occurred to me good maybe three years ago that there is no bigger business topic in the world right now, especially in this country and this Energy Revolution going on in america. And i look assorted bigtime now sketch of a man talking about a plight is so important in light is changing so many things. And then i will talk about some themes from it. Some of the things people would know about. We as the nation a few years ago were running out of oil in gas. Around 2006 we went to congress and said to build terminals to import liquefied natural gas. Alan g they call it the can be converted to natural gas because we were running out of gas in this country and obviously we depend on natural gas for everything from the airconditioning to the light and heating, if battery appears so we were in a desperate situation. If you think about it going back, weve always been in the last few decades worried about her future and dependence on others than these others arent things we want to depend on. I remember being in the backseat of my parents car and i was night team 73 or so. I was a little kid, but i remember vividly being in a long line at the gas pump during the arab embargo. Everything is changed in just in a few years. Right now we pump, we produce about 8 Million Barrels a day and that is up from 5 million a few years ago. We are the World Largest natural gas producer as well. We produce more energy in general than anybody else. We passed russia and its a remarkable change in a few years. Weve gone from a period where desperate to now we will be exporting natural gas starting next year from the lower stage and we are even talking about exporting crude oil. So its a crazy thing for anyone but the gray hair or to an audience to think so much as change so quickly. What else has changed . Art difference in security. Im not a baby fever we look at energy independent, but i believe in security. We will be dependent just on france. Canada, mexico as opposed to sending all that money to people we are not really friendly, but want to be sending money to pay venezuela, saudi arabia, that very. The money has gone to think they havent wanted it to go and that is really changing. Its also the case the econom te take away the impact of this Energy Research and over the past few years, we would probably still be close to a recession. And dad were probably going to get about depending what economists get to when its all said and done not just in the Energy Industry, but from an oleary types of industries, businesses, things like cementy. Its not kind of boosting jobs yet like it showed her like we would hope, but it does help and to think that companies are moving back to america because weve achieve natural gas costs. Natural gas has struck dramatically because of all this production from the trackers. We now pay about a third to half what they do in asia and in europe and that is the reason that companies are moving back here. It is really given a shot in the arm to businesses, and individuals, too. When all said and done, people think it will contribute about one percentage gdp and gdp right now was less than 1 in the first quarter, but probably 2 to 3 going forward. So it is a big dramatic change in its transforming mall town america. For this project, for this book, the frackers, i was privileged to travel the country. Louisiana, type this, while thompson oklahoma. You go to smalltown america and its really changing. There are farm owners who didnt have a choice and they were thinking about moving away and opposing them armed and now theyve been able to lease their land and stay in their homes. They were homeowners were young people moving back and they never had any future. There are jobs. Theyre also people that are so welleducated getting good jobs, wellpaid jobs and many young men and weve seen a over one a year so theres good jobs being created for this dramatic change in this remarkable transportation of the economy. So interesting people hired often as veterans. Tracking can be dangerous. You are also often kind of in places like north dakota where it can be unbelievably cold and you have to work with a team. They love to hire veterans. All kinds of people are hired as resulted in young people, to do. So the economy is being held. Theres also the geopolitics of this whole area. It is only now people start to think about the geopolitical and act. I think it is something people will focus on much more in the years to come. For years regarding tangled in title support so we didnt want to. It is partial because of oil and are dependent on oil. You can think about different middle east battles, it better. If you talk to experts and you do some thinking about it, you can really get a sense that the margin will be much less involved in the middle east i believe in the next decade or so, especially if Hillary Clinton is elected in a few years, 2016. When she was secretary of state, she let what they call it a to asia. That means that the margin come you dont want to go overboard, but we spent less in terms of patrolling the streets of hormuz in that kind of thing in order to focus on asia as opposed to the middle east and that will happen much more so i believe. We now import about other and of our crude oil from the middle east. I dont think it is a coincidence that would saudi arabia pick us to get involved area, we kind of said larry, we are not getting involved. We dont care as much with the saudi stink of us and what they want us to do because we are just much less dependent on the middle east than ever before. Alec of us all of great options. Well save lives i believe, spending in deleterious the payday. So thats the margin. You dont want to go overboard with the theme. The middle east will always be import as long as we have allies in crude is being produced in the middle east is an international market. But the margin will be less. Those are all great things in a big impact from these people. Theres also the environmental impact. I want to save a whole separate action for that, but there is a mixed picture there in all kinds of people harmed come communities harmed, mistakes by energy companies. That said, Carbon Dioxide emissions have plummeted. We are down to 1984 levels because at the margin weve shifted whole to natural gas. When you travel, a visiting when talking about my book and it is funny. Its actually sad that now are buying are cool. Its a crazy thing to think about. We are literally selling coal to newcastle because weve got this access coal we are not using anymore because we shifted to natural gas and they are buying into. So they are big talkers about how they are creating more focused on the Environment Committee at the buyer pool of Carbon Dioxide emissions straw. People made fun of for not being tight with kyoto. We are compliant with kyoto today. So what is all ironically in paradoxically because of the shift to natural gas because of the trackers. They are also downsizing and will talk about that as well. Just do you know, and very much a centrist when it comes to this topic. I have been very much criticized from both sides and we can talk about that. So those are kind of jobs. That is jobs in the economy and geopolitical impact, economic impact, we can take in a little more if you like, but that is sort of an overview of the huge impact of this revolution and why we got so excited about this topic in the first place. Theres nothing quite like it for the impact. We as americans do a few things better than the rest of the world. We create apps. We wrap other than anybody. We do drones really well and we frack. The rest of the world has more shale oil in god, the key rack that holds all this oil in gas will talk about. Theyve got more of this abroad then we doing it they are not close to having any revolution like we are having and i will explain why later on. So i started working on this travel the country and rolled up my sleeves and started to figure out how this revolution happened and who the people are behind it and that is what my book is about, how it happened, who the characters are. I kept coming back to a paradox, to this curious and very surprising team. The message should not have been these individuals i write about to let this revolution. It shouldve been others. So with a little bit, believe it or not, in other words, the experts got it wrong here the experts didnt believe in america. Experts said we are done here. Not much oil and gas . Go away, give up on america. It took some stubborn, overconfident, brash individuals, entrepreneurs to say no, we are going to ignore what the experts say we are going to drill right here in america. The thing i kept coming back to is they shouldnt it then these people in this theme is similar to, believe it or not, the financial meltdown. I wrote a book in 2009 called the greatest trade after it was about the people than anticipated the financial meltdown, anticipated problems to the country and they made doing and from it. If you think about who should have anticipated the financial meltdown of the housing subprime mortgage issues, et cetera, it shouldve been the banks, the guys who let the banks. They all got it wrong. They missed it. They didnt anticipated and they got burned by it. So the banks didnt get it right. Who else should have got it right . Greenspan, bernanke, top investors on wall street got it wrong. They were all shocked by the financial meltdown. They came up with words and phrases. Hundred year flood, all kinds of explanations and excuses, but they all got it wrong. And who got it right . A bunch of outsiders, id guys, the guys i wrote about in my last book. Theres a guy named john paulson who was a Hedge Fund Manager not too far from here. He didnt know anything about orphanages or housing as recently as 26. And yet in 2007 at 218 the 20 billion for investors in about five to seven illinformed self. Hes not the guy you would expect. Not a household name. He was an average single hitter. He doesnt like that, but it drew. Who else anticipated financial meltdown . A guy named jeffrey green. Jeffrey green was a Real Estate Investor in los angeles, but also not the person you would expect twisting something greenspan. Jeffrey green got married late in life. He got married at about 50. The best man at his wedding was mike tyson, the boxer. He had a houseguest for a while. Heidi fleiss. Remember that . The hollywood madam. And in usual guy, yet the guy who gave 500 million anticipating a collapse that all of the experts fail to see. So that is what happened in the financial meltdown and it kept coming back to that theme here in this area of resurgence. What do i mean by that . Who shouldve led the way in terms of production in finding oil and gas in this country . It shouldve been the majors they call them, the big oil in Gas Companies, exxonmobil. So their headquarters is in irvine, texas. They are on top, literally. Their headquarters on top of a barnett shale, a formation, a field and that is really ground zero for this whole revolution. Thats where it all started. So exxon is on top of it. They still are. And yet, were they doing any drilling . No, they were going anywhere but america. They are going offshore, africa, asia. They had given up on america, so they didnt see the revolution coming after the biggest toilet after the company. Who else didnt participate . Chevron. Chevron is really early at anticipating some of the changes. Theres a guy named ray galvan that i write about in my book who started a little group in his bed was we are going bed was we are going to figure out new ways to drilling in this country. And we are going to tackle drilling, figure out how to drill in shale. Shale is this rock that we always knew had a lot of oil and gas, but no one could figure out how to get out of it. Way down below the ground and it didnt seem worth anyones while. So he started a group, brought in the top engineers. Some top guys, engineers, geologists and they start working on it. They made some progress, but before they had a chance to really see much production or any production, they were undercut by everyone else has chevron. They made fun of them, undercut what they were doing. Finally, the group disbanded in people oneoff. So chevron was really early and they blew it. All the big guys, bp, and there he didnt anticipate this country could yield so much oil and gas. Dr. Wall street. There is a 2007 buyouts in financial history. I mean an acquisition with hard money and another Company Called txt or come utility in texas. Why was there an acquisition . On the experts that we were running out of the natural gas, so Natural Gas Prices would have to go higher. Soon we did this deal . It was a whos who on wall street. Born at the thought it said. Goldman sachs. It was everyone. On the sparc guys made a huge bet that we were running out of natural gas in this country, so txt looked at a good deal. No one anticipated the revolution. It is fascinating to me. The experts keep getting it wrong and sort of the oddballs, unusual people, care to keep getting it right. Those are the people i write about in my book. Those are the people i want to talk about today, the people that lead this revolution. The first is a guy named George Mitchell, not related to the senator. George mitchell was a texas guy. He is son of an immigrant from greece. His fathers name was thomas periscope allies. He was born in a little town increase in didnt have much of a future. A little town. No kind of business going on really care. So they got on a boat, came to ellis island, god often they said hey go work the braille system for mark to texas. He needed a job, when it did that. So he is working on the rail system one day and his paymaster came and looked really unhappy and kind of said what is with his name up yours . I cant ballot. I cant write it out. He looked really unhappy. Suicide with your name . He said my name is Mike Mitchell. He said ill be Mike Mitchell, too. And he took his name and he