A common justification provided by some environmentalists for supporting a ban of hydraulic fracturing is that cheap gas would supposedly kill renewable energy.
One empirical problem with the view that gas dooms renewable energy is that renewable energy and gas have been both booming since 2008, for both different and similar reasons. Another factual problem with this argument is that already global investment in renewable energy power plants exceeds investment in fossil fuel plants, according to Bloomberg Finance and others.
Demonstrating that trend and why renewable energy will continue to boom, as gas booms too, Goldman Sachs announced at yesterday's annual meeting that it would invest $40 billion in renewable energy projects over the next 10 years. http://www.chicagotribune.com/business/sns-rt-us-goldman-greenbre84m1gy-20120523,0,6788193.story.
For good measure, Goldman also states it will reduce its net carbon emissions to zero.
Renewable energy continues to grow cheaper, with solar about the only energy source falling as much as US gas since 2008. Wind can produced at 5 cents per kilowatt-hour. Hydro can be economically attractive, as can capturing methane from various sources.
Another reason why gas and renewables will continue to boom is that both have environmental and development advantages over the alternative sources of energy.
As usual, Goldman is following these powerful trends to profit.