The Impact Of Fracking: Pros and Cons
In summary, fracking has been a game-changer in the oil and gas industry, unlocking vast reserves of previously inaccessible fossil fuels and altering the global energy landscape. However, it continues to be a topic of heated debate. Let’s explore some of the pros and cons of fracking in more detail below.
Pros Of Fracking
There are many pros of fracking to consider. From its economical impact on the energy sector to energy independence, there are many reasons to promote the continuation of this process.
Access To New Gas & Oil Supply
Because shale rock was historically not cost-effective to drill, the fracking process has unlocked new opportunities to discover oil and natural gas supplies in the United States. On a global scale, fracking technologies which have been implemented across the globe are contributing to the increased supply of fossil fuels. This is helping to meet increasing energy demand and balance the global energy economy.
Shale drilling has created an economic boom in the shale regions. Drilling operations have created many new jobs, spurred local economic growth, and had a positive impact on tax revenue for states.
Lower Energy Prices
Due to the injection of new energy supplies, it has had a positive impact on lowering energy prices in the United States. In fact, natural gas prices reached 20 year lows shortly after the fracking boom in the Marcellus Shale. This drilling region has also made natural gas more available to the Northeast part of the U.S. during the Winter to meet heating demand. In fact, because of fracking, there are many energy price predictions for 2024 that are calling for lower rates.
Fracking reduces the United State’s reliance on foreign fossil fuels. As drilling continues, we are moving closer and closer to energy independence. When looking at 2024 energy industry trends, fracking plays a critical role in allowing for a reduction on foreign energy dependence.
Cons Of Fracking
On the flip side, there are many fracking naysayers. These critics blame fracking for environmental effects, seismic impacts, and more. Let’s explore some of the cons of fracking in more detail.
Negative Environmental Impact
The fracking process requires a significant amount of water, which has been viewed in a negative light due to many region’s water crises. In addition, some critics claim that fracking can contaminate groundwater and lead to harmful methane emissions.
Water Contamination & Health Risks
Communities near fracking sites may face health risks from air and water contamination, including cancer risks and other health problems. In many fracking communities, there are resistance groups that lobby local politicians in an attempt to ban or delay fracking efforts.
There is also a concern for the long term viability and sustainability of fracking. Critics of this process argue that wells can dry up quickly, which requires new sites to be established and drilled. This further promotes the negative environmental impacts of the fracking process.
Want To Learn How Fracking Can Help Your Business
At Diversegy, our team of natural gas market experts continually monitor total natural gas dry production numbers in the U.S. Fracking rigs help to improve natural gas production and supply in the market, often deflating prices in the process. Contact our team today to learn more about how increased fracking production can help you to secure lower energy prices for your business.