America is experiencing an energy revolution, and the biggest single reason is fracking. Also known as hydraulic fracturing, fracking allows the U.S. to tap immense natural gas and oil reserves that, until now, have been locked up in shale and other tight-rock formations.
The benefits of producing energy from fracking are many and are laid out below.
The Price of Oil & Natural Gas in The U.S. Has Plummeted
The price of oil is 20% lower than it would be without fracking. Natural gas prices have dropped to 47% of what they would have been before the fracking revolution in 2013 and as a result, it’s 80% cheaper to purchase gas here than the rest of the world. In some places natural gas costs 620% as much as it does in the U.S.
As a result between 2007 and 2013, gas-consuming American households have seen their gas bills reduced by as much as $200 per year. This adds up to $13 billion of savings, total, for all Americans combined. The commercial, industrial, and electric power consuming sectors in the U.S. have all seen gains and these gains total $74 billion per year.
Fracking Has Created a Job Boom
The U.S. Chamber of Commerce’s 21st Century Energy Institute commissioned a study and found that fracking has led to a job boom. The job boom includes states that don’t even have shale deposits underneath them. They discovered that 1.7 million jobs have already been created and, that, by the year 2035, a total of 3.5 million jobs will have been created.
During a time when many industries are declining and jobs are thin, this is good news.
American Energy Independence is Possible for The First Time in History
Not only is energy independence possible, it is happening. Citigroup declared North America, the new Middle East, and the U.S. as the world’s fastest-growing oil and natural gas producer. It’s been projected that the U.S. will get 94% of its energy domestically by 2030.
This is good news for the U.S. because it means that their government will not have to send vast amounts of money to governments who, surely, do not have their best interests in mind, all in the name of oil.