Fracking or hydraulic fracturing is a known method of extracting natural gas and oil. This is done by drilling deep into the earth's crust and injecting a high pressure fluid into the rock formations. The rocks create “fissures” which are breaks in the rock that lets gas escape and make its way up to the surface to be collected, stored, and turned into energy. There are numerous pros and cons to fracking, which often leads to controversy in the media. From an economic standpoint, fracking is more beneficial than harmful.
Saving Money
Fracking gives people more access to natural gas and oil. Because fracking can reach up to depths that other extraction methods cannot, we have more access to natural deposits. This offers more time to find viable options to replace fossil fuels. Resultantly, products would be made cheaper. Petroleum powered cars as well as gas for cooking would become easier to access, thus becoming cheaper. In addition to helping you save more money at the pump, fracking can also help save money on energy bills at home. Gas bills were reduced by $13 billion between 2007 and 2013. In turn, the average household that used natural gas saved about $200 per year on their energy bills.
Political Stability
Additionally, fracking can improve international and political relationships among other countries. Having access to more natural gas and oil will give countries more influence and power and can therefore generate more income for them. Not only does it give countries more control, it can reduce dependency on other countries for their oil. As the worlds population climbs, countries will need more energy and resources to sustain themselves. Fracking would reduce the dependency of oil from other countries and would help grow their own economy. Furthermore, fracking has generated millions of jobs in the past decade and is expected to create millions more. The industry currently supports 9.8 million jobs or 5.6 total percent of US employment and is expected to grow.
Potential Environmental Concern
Some people may argue that fracking leads to contamination of drinking water. They worry that fracking contains unknown chemicals in their formula that could potentially be hazardous, but that is not accurate. It is highly unlikely that fracking pollutes groundwater, as it is a matter of making sure that the steel tubing and casing is not leaking and that the cement around it doesn’t have cracks. Additionally, formulas for the highly pressurized liquid are kept a secret for a purpose, so that competitors cannot steal or copy others formula. In terms of disclosure, many of the chemicals are listed on data sheets available to first-responders and the information is disclosed to relevant authorities.
Fracking is a very powerful economic tool; it lowers taxes, improves international relationships, reduces dependency from other countries, and even creates millions of jobs. Considering the potential environmental factors, fracking is more beneficial than harmful but it is still important to be aware of its potential environmental impact.
Citations
Jackson, R. B., Vengosh, A., Carey, J. W., Davies, R. J., Darrah, T. H., O'sullivan, F., & Pétron, G. (2014). The environmental costs and benefits of fracking. Annual review of Environment and Resources, 39, 327-362
Mayer, A. (2016). Risk and benefits in a fracking boom: Evidence from Colorado. The Extractive Industries and Society, 3(3), 744-753.
Christenson, D. P., Goldfarb, J. L., & Kriner, D. L. (2017). Costs, benefits, and the malleability of public support for “Fracking”. Energy Policy, 105, 407-417.
Hassett, K., & Mathur, A. (2013, February). Benefits of hydraulic fracking. In Oxford Energy Forum (Vol. 91). Oxford Institute for Energy Studies.
Willis, K. D. (2012). Frack You: A Cost-Benefit Analysis of the Fracking Controversy in Texas. T. Marshall L. Rev., 38, 321.
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