Fracking is a process introduced by Standard Oil in the 1940’s. It is used to extract oil and natural gas. Over the past years, other technologies have developed and combined with the use of fracking so that tapping of shale will become profitable. It has added to a rebirth of oil production in the United States of America. It increased significantly natural gas production. Advocates of fracking have claimed that is a major development in the energy industry. Tapping of reserves of gas and oil that used to be difficult to reach has now become possible. Energy production have expanded massively.
While there are enthusiastic supporters there are also opponents who are looking at the environmental consequences. Although the debate is focused on the negative impact on the locality, less attention is given to discussion of the beneficial side and a reasonable assessment of proper policies. It cannot be denied that fracking has positive impact on the economy of many communities.
When shale gas replaced coal burning for electrical energy production carbon emission actually fell. Shale deposits are found all around the world that is why countries are using shale gas. In the United States alone, one-third of natural gas comes from fracking wells. It is said that fracking has become the bridge between the carbon-based energy system of the past and a cleaner, greener future.
Positive Effects of Fracking
- It supports more than one million jobs. Some employees are hired on long-term basis and these employees earn higher salaries. They improve the standard of living of many families.
- It added revenues to federal and state government. Millions of dollars are collected by both levels of government.
- It is helping to stimulate a manufacturing reawakening in different countries. Because there is now sufficient supply of electricity due to increased fracking, many factories are opened and economy is greatly improving.
- It affects global geopolitics. Countries learn from each other on new technologies of fracking. They are no longer dependent on oil-producing countries who control oil prices.
- Natural gas reduces oil dependence while waiting for new technologies to replace fossil fuels.
- As fracking grows, natural gas prices are dropping.
- Energy consumers are seeing economic gains. Gas bills have dropped as a result of increased fracking. All types of energy consumers, and that includes commercial, industrial and electric power consumers see economic gains because of increased fracking.