There is no shortage of misinformation about fracking floating around America today. Between Josh Fox’s continued twisting of the facts and the endless stream of celebrities taking up the anti-frack platform, Americans are deluged with a steady drum beat of so-called “experts” supposedly laying bare the “dirty secrets” of our industry.
Knowing that, it would be easy to jump on my soap box and produce an encyclopedia of content debunking their every backwards assertion. But, since most of us are too busy creating prosperity and adding to America’s GDP to read an encyclopedia, I’ll instead quickly share 10 overwhelmingly positive benefits fracking has brought to America.
- The price of oil is 20% lower than what it would be otherwise. The current spread on the Brent-WTI historical curve bares this out.
- Natural gas prices in America have plummeted over the last 5 years. As a result, natural gas is at least 80% cheaper here than the rest of the world ‒ and in some cases, it’s as much as 620% cheaper!
- Low gas prices have led to America’s first new industrial build in 40 years. For the first time in many people’s lives, our manufacturing sector is growing.
- American energy independence is possible for the first time in history.
- By reducing our dependence on foreign oil, we won’t have to send untold amounts of money to governments who don’t have our best interests in mind, particularly those in the Middle East.
- We have reduced our CO2 contribution over 200 kilotons per day and overall CO2 emissions 1.7% with no economic kneecapping. Our greenhouse gas emissions are at their lowest rate in 20 years. This compared to Kyoto signatories whose emissions will rise between 0.5 and 3% this year, even after subsidizing efforts to the tune of tens of billions of dollars.
- We have unlocked a vast energy resource while remaining environmentally responsible. The earthquakes allegedly caused by fracking have been shown to be so small, as to be inconsequential. And, there is no reputable evidence it pollutes aquifers any more than historical drilling activity.
- Thanks to fracking, Oil & Gas is perhaps the only robust industry that is hiring at every level. We offer high paying jobs and pay far more of our income as taxes and fees than virtually any other industry.
- Every year, drilling leases bring multibillion dollar transfer payments to rural and agricultural communities across America.
- Thankfully, world technology leadership is finally being applied to something other than posting pictures of what you had for dinner.
Just thought you might want to have facts, instead of an encyclopedic diatribe.
Now it’s your turn. What benefits has fracking brought into your life? The comments box is all yours.