Economic Benefits Of Fracking

For the past twenty to thirty years, hydraulic fracturing, more commonly known as fracking, has been the number one source of natural gas, oil, and energy in the United States. The process of fracking is that a well is built above the ground and then a drill digs several thousand feet deep into the ground to extract the oil and natural gas that is trapped inside of rock formations. Fracking is very controversial because of the cost of the process and the environmental “threats” that it poses. From methane emissions to earthquakes, fracking has been accused to be linked with several environmental issues. To prevent any environmental dangers, states place regulations and boundaries that energy companies have to follow in order to build a well and keep it up and running. The EPA (Environmental Protection Agency) also works with states to help regulate these wells. More importantly, fracking in the United States is very important and acts as a bridge to the future. While it may be argued that hydraulic fracturing is not beneficial to the economy and harmful to the environment, fracking in the United States should not be banned because fracking is not only imperative to the growth of jobs and the economy, but it also does not put the surrounding environment in danger.

Hydraulic fracking purportedly has been considered important to our nation’s expansion of natural gas as well as giving rise to our nation’s economy. Globally, the fracking industry has supported and created a large job market and has employed a vast number of unemployed workers. In 2012 alone, the industry created 2.1 million jobs across the United States (1). States such as Arkansas, Louisiana, Colorado, Pennsylvania, North Dakota and Texas have successfully lead the charge within this ever growing business activity. The fracking industry in Arkansas, for example, employed 5.9% of the state’s overall employment of 92,500 jobs. The labor income from the fracking industry is $4.22 billion. Furthermore, the industry successfully supported Arkansas’s public schools during 2012-2013 saving $9.9 million paired with saving 144 teaching positions.

the desire to achieve independence from foreign energy sources” (Ben Harris). “The environmental safety of fracking has yet to be conclusively demonstrated, they say, and the industry has a poor track record”(Ben

Over the past decade oil and gas producers have increasingly used hydraulic fracturing also known as fracking to extract oil and gas from the earth. Most people believe fracking is a new process but it has been around for over 100 years. Modern day fracking began in the 1990’s when George P Mitchell created a new technique by combining fracking with horizontal drilling. Since then, U.S. oil and gas production has skyrocketed. But the “new” perception of fracking leads people to incorrectly believe that fracking is temporary and that it somehow harms the environment. The truth is fracking is a reasonable energy solution if oversight and safeguards are used. In the last ten years fracking has improved conditions in the U.S. in three

In recent years, the subject of hydraulic fracturing, better known as fracking has been a constant subject of interest in the news media. The pros and cons of fracking are passionately debated. However, the public should become educated on the subject of fracking prior to choosing a side of the argument. In the scholarly article, “Super Fracking,” published in 2014, by Donald L. Trucotte, Eldridge M. Moores, and John B. Rundle, a detailed description of fracking is provided, followed by their analysis of current issues surrounding the controversy. According to Trucotte, Moores, and Rundle, fracking saves the consumer money. The wellhead cost to produce natural gas in January of 2000 was two dollars and sixty cents per one thousand cubic feet. At an alarming rate, the cost at the wellhead to produce natural gas had risen to eight dollars per one thousand cubic feet by January of 2006. Comfortingly, the wellhead cost dropped to two dollars and eighty-nine cents by the end of 2012. Impressively, gas production increase and price decrease over the time period are a result of fracking. In their article, Trucotte, Moores, and Rundle describe in great detail that hydraulic fracturing, most commonly referred to as fracking is the process of drilling down into the earth to fracture the layers of rock so that a high-pressure water mixture is directed at the rock to release the oil or natural gas inside. This method of fracking has been used commercially for the last fifty years.

When most people think of Texas they think of the booming oil industry that the state has. According to our textbook, “Texas accounts for almost one-third of the country’s natural gas production and holds almost almost a quarter of the country’s natural gas reserves.” Texas has greatly invested in the recourses that are found within the state which makes gives the state a huge economic advantage. When fracking is used to help turn out even larger quantities of natural gas, the economic impact is huge. If the state greatly invested in fracking sites and the use of both traditional and horizontal fracking, the economic gain in the near future could be huge. The state could be turning out twice the amount of natural gas as it is

Hydraulic fracturing, better known as fracking, is the process of removing oil and natural gas from in between layers of shale and other low-permeability rocks. This is done by drilling both a well and a horizontal tunnel. Sand and chemicals are shot through the tunnel with incredible pressure, which cracks the shale allowing the oil and natural gas to travel up the well (Jackson, 2014). Fracking has caused a breadth of controversy due to the economic benefits and the geological consequences.

Fracking in North Dakota alone went from 4,600 to 6,600 wells just from 2009-2012. Due to the increase in wells, natural gas extraction went from 7.5 million to 16.9 million barrels of oil (Loris 2). This increase in the oil and gas industry also provides jobs in several fields such as geology, engineering, rig working, truck driving, pipe welding, and many more, which means that the US unemployment will go down as long as this economic boom keeps up. However, fracking provides more than just jobs; it provides an economic boost to the communities where fracking occurs. States like Louisiana and Oklahoma practice fracking in more rural areas and it is seen as an economic boost more so in those places than in states like Colorado, where fracking

Fracking is a shorter form of Hydraulic Fracturing which is the extraction process of both natural gas and oil. The process involves drilling deep into the Earth’s surface. Fractures are then created by “pumping large quantities of fluids at high pressure down a welfare and into the target rock formation” (EPA, 2016). After making these openings for the gas or oil to come up (known as “flowback”) the materials can be stored. The reason the fracking process occurs is because “more usual methods of extraction may not be able to fully reach the deposits of shale gas and oil” (2015).

Fracking has actually changed out future as we know it, and has made it possible for many things. Fracking will make the world run on natural fossil fuels for much longer, which is also better for the environment and us. In 2015, the U.S. reached its all time high in oil production in 14 years and is only expected to continually rise. Oil production in the U.S. is one of the main sources of jobs for people living in the U.S. (Nunez, 2013). Fracking is a good way to employ U.S. citizens and is also a good way to get natural ways of oil production. As we all

Fracking or hydraulic fracturing is the process of drilling over a mile underground to extract natural gas from shale rock deep below Earth's surface. The vertical well then turns ninety degrees horizontally to trap natural gas. Fracking makes it possible to produce natural gas from shale that were once unreachable. Horizontal drilling and vertical drilling allows fracking fluids (A mix of water, sand, and various chemicals) to insert shale area. This creates new channels in the rock and natural gas is extracted. This drilling process can take up to a month. After the drilling process is over, the well is cased with cement to keep the groundwater protected. Fracking can create over 204,500 jobs within just four years and billions of dollars. Fracking is great economically, but it also has its downsides. Crime rate has increased 16.1 percent in violent crime and a 10.3 percent in property crime statewide in 2010-2011. The increase in crime has been driven, in part, by higher crime rates in the state’s western counties where the shale oil fracking is occurring. In 2009, fracking started in Ohio. From 2009 to 2010, fracking wells increased. Earthquakes in that same area increased 125 percent as well. In 2012 the earthquakes decreased because there was no more drilling in the area. One small farm in Bradford county was offered $100 per acre from an oil company to frack on their land. Little did they know that the fracking could cause damage, so they signed the lease. When they

The fracking industry in its entirety, although surrounded by a shroud of controversy, is an economic stimulator that many do not acknowledge. The potential replacement of coal for efficient and clean energy would not be possible if it weren’t for the utilization of hydraulic fracturing, also known as fracking, and horizontal drilling. To consider fracking as only a danger to the environment would be an overstatement while saying fracking only provides natural gas and nothing else is an understatement. It’s important to consider all of the potential benefits that fracking gives to the economy and how its minor environmental destruction could lead to an economic reconstruction. Although fracking has a negative connotation with most people,

Fracking can help create jobs and also lowers or pays the costs of living. Geothermal power is used for heat, “Geothermal fracking can help families save up to one thousand dollars on heating” (Promise and Peril). The saving of money is due to the fact that the geothermal energy is used to power the heating and cooling of the house, since it is run within the house, the power from geothermal energy goes to the house. This reduces the need of bringing in energy from a power plant and so relieves some of the cost (Promise and Peril). The plants create jobs, “Workers on oil rigs in North Dakota can make Seventy-thousand in five months. Supervisors earn three hundred and twenty thousand dollars a year” (Merrill 973-974). Since it allows access to

Despite the fact that fracking has one overall benefit, the risks are just too big of a price to pay. Even though hydraulic fracking lets people use natural resources, it has shocking risks such as ground water pollution, air pollution, and making innocent citizens ill. Anyone does not have to be an expert on fracking plainly see and to know that losing unwary humans and animals to hydraulic fracking is

A lot can be seen in the media about the recent interest of the current UK government in hydraulic horizontal fracturing or fracking. This is a method which can use newly found reserves of shale gas in the UK to produce energy. The current UK government’s eagerness over the potential for fracking would seem to be a possible problem for any chance of reaching SDG number 7. With a lot of interest shown by the prime minister in particular it would seem that the not to distant future for the UK will involve fracking as a means of meeting energy needs. He is quoted as saying “I want us to get on board this change that is doing so much good and bringing so much benefit to North America. I want us to benefit from it here as well." (BBC, 2015)