Fracking, the hydraulic fracturing of subterranean rock to facilitate the flow of gas and oil deposits, is either a safe or developing technology, according to 88 percent of the respondents of the research study called “2012 U.S. Energy Sector Outlook” released by CIT Group, a bank-holding company with more than $34 billion in financing and leasing assets.

According to the CIT study that gathered the views of more than 100 executives at middle market energy companies, 85 percent of energy executives intend to seek financing in 2012.

Sixty-six percent believe that regulations are the biggest concerns facing the energy industry in the long term while 40 percent favor the abolishment of the Department of Energy, according to the study which tried to assess their views on the industry and their outlook for their companies, energy prices, and trends in the coming years. The study was done in association with Forbes Insights.  

Seventy percent of executives at middle market energy companies see the potential for U.S. energy independence within 15 years. Though energy executives believe that renewable energy should be a part of the U.S. energy mix, they are less supportive of subsidizing renewable energy companies.

“Despite regulatory headwinds facing the industry, energy executives believe the United States can achieve energy independence within 15 years,” said Mike Lorusso, group head of CIT Energy, in a statement.

“Executives believe this drive toward energy independence will be accomplished through a combination of approaches, such as expanding the use of natural gas, increasing domestic production of oil, and expanding the use of renewable natural resources. The optimism in this industry is fueling growth -- 85 percent of energy executives intend to seek financing in 2012,” Lorusso added.

Recently, a Market Research report said the consumer demand for a reliable energy storage option has resulted in a series of inventions in the advanced energy storage market. Significant progress has been made in the market in advanced batteries, fuel cells, flywheels and ultracapacitors. 

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