The Economic Report On Fracking, Is It Worth It?

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.

In today's global economy, energy is one of the most crucial and sought after commodities. Who supplies it and how much they supply determines how much influence they have over other countries as well as the global economy. This is why hydraulic fracturing is currently such an important and controversial topic in the United States. Hydraulic fracturing, more commonly known as "fracking" or hydrofracturing, is the process of using pressurized liquids to fracture rocks and release hydrocarbons such as shale gas, which burns more efficiently than coal. This booming process of energy production provides a much needed economic boost, creating jobs and providing gas energy for Americans. The efficiently burning shale gas reduces carbon

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.

Fracking has become a highly controversial and publicized topic in recent years due to rising concerns into the potential benefits and consequences of using hydraulic fracturing to retrieve natural gas and oil reserves. With concerns over water pollution, mismanagement of toxic waste and irreversible environmental damage mounting, the practice of fracking has

“Fracking is the process of obtaining Natural Gas from below Earth’s surface by drilling 1000’s of feet into the earth before a high-pressure water mixture is directed at the rock to release the gas inside.” Water, sand and chemicals are injected into the rock at high pressure which allows the gas to flow out to the head of the well.” (Jackson). Hydraulic Fracturing got its name due to the fact of how the rock is fractured apart by the high pressure mixture of a number of chemicals, sand, and water. Drilling companies first began Fracking in the early 1940’s, and starting in the 1990’s companies began “safer drilling” due to the amount of concerns that had arisen because early drillers had to detonate small explosions that eventually ended up killing many people. Fracking has been used for nearly 60 years and the number of concerns about it are rising every day. Due to the new technological advancements in drilling Fracking has changed greatly over the years. Before, the drilling would go on for weeks on end in order to extract only a small amount of natural gas. Now, due to the invention of higher powered drills, the drills get double the amount then they used to be able to get in more then half the time. Over 95,000 square miles of shale deposits have been found around the Appalachian Basin but the only way to reach these deposits of shale is through fracking. “Fracking is a technique designed to recover gas and oil from shale rock by drilling

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

Therefore with resources becoming scarce humanity needs to extract the most from what the earth has. In fact from adding gasoline to your vehicle, to power plant facilities using natural gas instead of burning coal to power homes, to computes and cell phones, almost everything in our lives depend on an oil based product and fracking is the solution for the depletion of fossil fuels. Three controversial issues with hydraulic fracking are nearly everything people use daily has a petroleum based product, contamination of drinking water also the surrounding soil, and the financial impact on the economy. Many people in America do not realize the positives that comes with fracking. It is a great way to help the economy in the United States. Fracking decreases the price of all petroleum products including the price in gas. When gas prices decrease it allows other products such as food, plastics, and other petroleum goods to also go down in price. With these savings being passed down to the consumers it makes the cost of living in America much easier for many people who are living with a minimum wage budget. Minimum wage going up in Oregon and gas prices declining creates a stir in people making them spend more and builds consumer confidence on what is spent. In turn this rapid spending creates a boom in the American economy. With fracking producing nine million barrels a day and decreasing prices by forty five

If John D. Rockefeller, one of the first oil tycoons, were to look at the oil industry today, would he believe his eyes? With millions of oil barrels being imported and exported each year, the oil industry has changed dramatically since the 19th century. At the forefront of the oil industry is the emergence of an oil drilling technique known as fracking. Fracking is an unconventional drilling process that is accomplished by using high-pressured water to release oil and natural gas from rock formations, known as shales. The use of fracking in the United States has made it one of the top oil producing countries in the world. However, this newfound oil and gas drilling method has not come without its costs. Despite the economic boom near drilling locations, politically, fracking has caused some international relationships to be strained. Also, fracking is seen as highly controversial by conservationists because of the environmental threats that it poses. The drilling method of fracking has deeply impacted the United States from an economic, a political, and an environmental standpoint.

Hydraulic fracturing began in 1947 and still happening until now. People have used fracking to produce more than one million oil and natural gas wells since 1947. Currently "fracking accounts for 50% of locally produced natural gas and 33% of local petroleum” (Engelder 274). It proved that fracking is valuable because people can get too much natural gas and petroleum from fracking. There are 2.5 million "frac jobs" that had been performed on oil and gas wells around the world and more than one million of those are in the United Stated. Oil shale resources are abundant in United States, such as in

The global crisis surrounding energy needs grows in severity as time goes by and in order to solve it, scientists have created the innovative solution known as hydraulic fracturing (Source 5). Hydraulic fracturing, commonly referred to as “fracking,” is a process that injects water, chemicals, sand, and other materials into layers of shale. The injected mixture cracks the layers of shale, releasing trapped natural gasses that can be collected (Source 1). Fracking occurs deep under the surface of the earth, miles below the groundwater that is accessed from drinking-water wells. In the mid-2000s, “fuel prices were rising rapidly” (Source 5). Hydraulic fracturing was a cheap solution that not only brought the world out of a state of emergency but made oil prices drop. The new method of gas collection grew the oil and gas industry, benefiting people all around the world. Fracking is a cheap, effective solution to global needs, but is under attack from skeptics who worry about environmental hazards. The claims against fracking not only have no real evidence but also risk destroying the jobs in the oil and gas industry as well as support for energy needs. Hydraulic fracturing is not only a cheap but a safe method that supports global needs surrounding both energy and jobs.

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

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,

Wells that are currently thriving and producing a large quantity of jobs will soon reach the end of their golden hour. This will result in a sudden need for many less employees. Fracking companies will not last forever on a single well, and many people will lose their jobs in only a matter of a few years. The nearby companies that had grown due to the fracking dollars will be forced to either drastically downsize, or close entirely due to the once plentiful dollars being gone. Not only will the town’s fracking had once been used in be hurt by this, but it's citizens who had worked in the industry. The people that had gone into fracking will end up right where they started, jobless. Fracking will not last forever, and neither will its economical benefits.