How Hydraulic Fracturing has Bolstered the US Economy
Hydraulic Fracturing and the US Economy
Hydraulic Fracturing, or “fracking”, has changed the way the United States looks at natural gas and oil. Through the process of hydraulic fracturing the United States has been able to obtain natural gas and oil that would not have been able to be reached before. Because we have been able to reach sources of energy that were before unattainable, the energy situation in the United States has completely turned around. We have entered a period of time in which domestic oil and gas production has reached highs that we have not seen for many decades.
Because of this turnaround, the United States economy has encountered a variety of benefits such as job growth, improving trade balance, and an energy boom. Job growth has been a large benefit caused by hydraulic fracturing. Hydraulic fracturing has created jobs both directly and indirectly. As many as 400,000 jobs have been created directly through the hydraulic fracturing process and another 2 million jobs have been created indirectly in industries such as transportation, construction, and information services. Many industries that were in decline in the recession have been able to access cheap energy due to hydraulic fracturing and are now being revitalized. It will also continue to create jobs and increase growth in the United States economy for the foreseeable future.
Hydraulic fracturing has also improved trade balance in the United States. Because a majority of the United States is no longer dependent on foreign oil, we are creating growth in the United States economy rather than another country’s economy. It has brought an overall balance to the trade in the United States. In the past the United States has exported more than it has imported, leaving the United States with a deficit. Recently, that deficit has gotten smaller and smaller due to the energy boom in the United States.
Lastly, the energy boom has created a new reality for the United States. This growth in the energy sector has not only created jobs and helped to turn our economy around, it has changed the future of the United States. We no longer are dependent on foreign oil, and because of this, some lawmakers have even thought about lifting the 40-year ban which would allow the United States to export its oil. This would mean a whole new source of income for the United States.
Now is the time to invest in hydraulic fracturing. Not only has it created jobs, decreased the United States’ dependence on foreign oil, improved the growth of the United States economy, and created an energy boom, it seems to be a healthy industry that will only grow and expand in the coming years. Hydraulic fracturing is something great to invest in because it will only grow and improve.