As a population, we are incredibly dependent on oil and natural gas resources to power our vehicles, factories, and plenty of products and services that we interact with on a daily basis. Fracking is a method that can be used to effectively extract oil and natural gas from well sites across the country. In the U.S. alone, hydraulic fracking is used in over 35,000 wells today and there have been approximately one million hydraulic fracking wells since the practice began in the 1940s. Hydraulic fracking uses high-pressure fluids composed of water and a few chemicals to cause fissures in the ground. When a well is drilled and fissures are formed, natural resources such as oil and natural gas can freely flow to the surface.
Fracking is an attractive way of obtaining natural resources for energy because it cuts costs and raises the standard of living throughout the country. According to economists at IHS Inc., “hydraulic fracking will likely raise the average U.S. household income by $2,700 per year and create 1.2 million jobs by 2020.” Additionally, hydraulic fracking will have a positive impact on the amount of energy available. The energy boom and fracking services in the U.S. have caused an increase in the supply of natural gas and positioned the U.S. as a leading provider of natural gas, making this a relatively cheap energy source for our population.
As fracking and energy costs continue to play an important role in our country, manufacturing is also impacted. Companies that manufacturer goods and provide services most definitely use massive amounts of energy to manage their business and would likely prefer low energy costs. U.S. companies can now purchase less expensive energy without having to import it and paying a premium cost.
As technology and the energy requirements of our country continue to change, we are always looking for less expensive and readily available energy sources. Fracking is a great method that will allow us to continue to supply companies and businesses with energy at an affordable rate and have a widespread economic impact.