"GE Investing Billions in Fracking Technology"

"One of America's corporate giants is investing billions of dollars in the new boom of oil and gas drilling that relies on a controversial extraction method known as fracking."

"General Electric Co. is opening a new laboratory in Oklahoma, buying up fracking-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.

"We like the oil and gas base because we see the need for resources for a long time to come," said Mark Little, a senior vice-president. He said GE did "almost nothing" in oil and gas just over a decade ago but has invested more than $15 billion US in the past few years."

The Associated Press had the story May 27, 2013.

Source: AP, 05/29/2013