Has Fracking Helped Drive Gas Prices Down?
Gas Prices and Hydraulic Fracturing
Gas prices have taken a nose dive lately, and we know we are not alone when we say that it has been great. Not only for us as consumers, but for us as a country. The economy is experiencing growth. While the drop was relatively unexpected, there is one thing that is the main creator of this trend: hydraulic fracturing, or fracking. Hydraulic fracturing is driving down gas prices, creating jobs, decreasing the United States’ dependence on foreign oil, and increasing the growth of the United States economy. There are so many benefits to hydraulic fracturing, and gas prices are a big one.
Hydraulic fracturing has allowed the United States to access natural gas and oil within the states that it could not have before. There are small pockets of natural gas and oil that are surrounded by rock formations. Hydraulic fracturing breaks open these rock formations and allows access to the oil or gas. The use of water, a small amount of chemicals, and frac sand–also called silica sand–have created a booming industry for the United States.
Natural gas is being obtained and being used as a substitution for oil, which drops the gas price. Also, because other countries are feeling threatened by fracking, they have taken the short term loss of dropping gas prices, which drops prices in the United States even more. Another benefit to hydraulic fracturing is the fact that so much gas and oil are being produced through hydraulic fracturing that the government is even thinking about lifting a forty year ban on exporting oil from the United States, meaning we could sell our oil to other countries, bringing in even more revenue for the United States.
While hydraulic fracturing may not be the only reason that gas prices dropped so dramatically, it is the largest. By continuing to use hydraulic fracturing to obtain natural gas and oil, the United States economy will continue to grow, more jobs will be created, we will create an equal market between natural gas and oil, and the dependence on foreign oil will decrease. That’s a huge list of benefits that far outweigh the negatives. Hydraulic fracturing even allows wells that no longer yield natural gas or oil to be used again. To learn more about hydraulic fracturing, its benefits, frac sand, or our service areas in Wisconsin, Texas, Ohio, North Dakota, Montana, Iowa, and Canada, contact us here at All Energy. Call us today!