The most commonly mentioned benefits of hydraulic fracturing are the economic advantages. In addition to being a major job creator, the industry adds significant value to the U.S. economy and increases state and local tax revenue without the need of increasing tax rates. But two other major benefits are fighting global climate change and promoting domestic energy independence. Natural gas’s share of electricity generation grew from 11% in 1990 to about 26% in 2014, almost exclusively at the expense of coal. This has been crucial to helping the U.S. decrease its carbon dioxide emissions. In fact, since 2005, by substituting natural gas electricity generation for coal and petroleum, the U.S. has reduced carbon emissions by 1,254 million metric tons.
Just the Fracts Discussion
Getting the Fracts Straight
Moreover, while most of hydraulic fracturing is focused on shale gas basins, there is a substantial amount of shale oil, which can be tapped using hydraulic fracturing. This has helped led to a boom in domestic oil production, making the United States less reliant on OPEC or South American oil imports. Since 2008, the lowest point of U.S. oil production since the 1950s, crude oil production in the United States has increased 74%. As a result, the U.S.’s net energy imports as share of total U.S. energy demand is at its lowest point since the 1960’s.
Knowing these additional benefits, are you more or less favorable of hydraulic fracturing and why?