Fracking has led to substantial increases in U.S. domestic oil and gas production, significantly reducing the need for the United States to import oil. U.S. net imports of oil are declining after a 30-year steady rise. The fall coincides with a major increase in domestic oil production that's due in large part to the expansion of hydraulic fracturing or fracking.

Development of Fracking Technology

Fracking uses horizontal drilling to access shale deposits that were previously unavailable using conventional drilli🍨ng methods. A high-pressur൲e water mixture called fracking fluid is applied after drilling into the earth to the rock to release the gas and petroleum inside.

The use of the fracking technique has enabled energy companies to obtain very large quantities of 澳洲幸运5官方开奖结果体彩网:oil and natural gas. Deposits found in shale were considered essentially useless before the development of fracking technology because the cost to extract them was prohibitively expensive. Fracking changed that equation and led✱ to a boom in oil anꦑd gas production in the U.S.

Effects of Fracking

Total U.S. 澳洲幸运5官方开奖结果体彩网:crude oil production roughly tripled in the decade from 2010 to 2020. The amount of total U.S. oil consumption provided by imports fell substantially over the same period.

The fracking-created oil boom has also had beneficial effects on the economy as a whole. It's played a significant part in the reduction of gasoline and natural gas prices and it's created hundreds of thousands of jobs. The Bakken Formation in 澳洲幸运5官方开奖结果体彩网:North Dakota, a large shale area, saw a surge in employment and population in the area. Construction companies were unable to build housing fast enough to keep up with the population growth.

The natural gas industry once voiced concerns over eventually exhausting the domestic supply of natural gas. It has now built such a massive excess of supply that it's rapidly expanded its business to include exporting natural gas to Europe and Asia. Shipping terminals that were built to facilitate the reception of 澳洲幸运5官方开奖结果体彩网:liquefied natural gas imports have been reworked to support exports.

Fracking and Its Detractors

Fracking isn't without its detractors despite all its benefits in the areas of energy independence, lowered fuel prices, and job creation. The technique of using sideways drilling into shale formations aided by the use of gigantic water cannons to fracture surrounding rock to free the oil and gas deposits remains very controversial.

Environmentalists have attacked fracking on several fronts and the long-term impact of weakening underground rock formations through the fracturing technique is widely questioned. The massive amount of𝓰 water used in the fracking process has also led to water shortages in some drillingꦗ areas. Potential groundwater contamination is another concern.

The Bottom Line

Fracking has had a significant eco𓄧nomic impact on the United States, subst🍎antially increasing oil and gas production and slashing the number of oil imports as production has surged on American soil. It hasn’t eliminated the national need for foreign oil, however, and it’s had some detrimental effects on wildlife. It has even produced some water shortages in places. As with all economic solutions, there are pros and cons.