Some Americans consider hydraulic fracking or fracking as an energy dream turned into reality. However, for others it is a nightmare for the environment and health of people. Fracking is a new technology in drilling natural gas from shale deposits that could reach beyond a mile underneath the surface of the earth. Since the start of its use in drilling, many companies have invested in fracking.
Fracking has opened jobs for many people and has caused the price of natural gas to lower. But with this benefits comes the potential cost in terms of risks to our environment and health that is somewhat very high.
Benefits of Fracking on Our Economy
- Increase in the production of local natural gas. There will be an abundance supply of natural gas.
- Abundance of natural gas means lower prices.
- There will be more job opportunities in production and delivery activities. Unemployment rate will lower as more people find jobs in fracking.
- With low prices in natural gas, the price of oil will also lower. People will naturally purchase natural gas because of its low cost.
- The production of more natural gas has an effect on the trade balance between the United States and other countries. In the next few years US will become the top exporter of natural gas.
- Countries employing fracking will no longer be dependent on oil producing countries. They will be freed from greedy oil companies.
- Other industries will emerge. Companies will be manufacturing pipes and other materials used in fracking wells.
- With abundance supply of natural gas, there will also be abundance supply of electricity.
- There will be a reduction of electricity prices.
- Many homes and businesses will have abundant supply of low cost electricity.
- With lower cost of electricity, many manufacturers and producers will be encouraged to open new businesses.
- New business would mean more employment.
Fracking has become a boom in the United States. How long this boom will last, will depend on the shale deposit beneath our grounds. If people will not be too greedy for personal gains, the shale deposit will last for many generations. If nature has provided us with abundance in natural gas, then it is also our responsibility to take care that we do not abuse its abundance. We are enjoying the benefits of fracking today but let us not destroy what Mother Nature has provided for us.