In June, the White House released a 15 page report on the status of its' Climate Change Initiative. In 2009, Obama stated the goal would be to drop US carbon emissions to 17% below 2005 levels - an ambitious figure that the country is not only on track to meet, but should easily surpass.. In fact, in 2012, US carbon emissions hit a 20 year low. Why?
Is it all the wind power? Solar? Emissions mandates? Not even close. Its thanks to fracking.Yes, fracking.
In fact, according to information from a meeting of the Council of Europe in Strasburg in June - fracking in the US alone has reduced carbon emissions by significantly more than the entire world's wind and solar projects - COMBINED. (You can read the whole article on that here: Oil and Gas Online)
Even the Intergovernmental Panel on Climate Change's most recent report in April (as quoted in the daily caller) states that “A key development since AR4 is the rapid deployment of hydraulic‐fracturing and horizontal‐drilling technologies, which has increased and diversified the gas supply and allowed for a more extensive switching of power and heat production from coal to gas … this is an important reason for a reduction of GHG emissions in the United States"
So basically what is happening is the abundance of natural gas we now have domestically, plus its very attractive price level, is causing massive levels of companies and consumers to switch to natural gas. This in turn is causing a natural phase out of coal and other more carbon intensive methods of power generation. Nat Gas emits 45% less carbon per unit than coal, so naturally, carbon emissions drop drastically with a large population shift to a cleaner burning fuel.