Horizontal drilling and hydraulic fracturing have boosted shale gas production from zero a few years ago to 10 percent of all U.S. energy supplies in 2012, observes energy analyst Daniel Yergin. It has increased U.S. oil production 25 percent since 2008, in the face of more federal land and resource withdrawals, permitting delays and declining public land production.
In the process, the fracking revolution created 1.7 million jobs in oil fields, equipment manufacturing, legal and information technology services, and other sectors. It will generate over $60 billion this year in state and federal tax and royalty revenues, reduce America’s oil import bill by $75 billion, and save us $100 billion in imported liquefied natural gas, concludes a new IMF Global Insight analysis.
A resurgent American petroleum industry could add “as many as 3.6 million jobs by 2020, and increase the US gross domestic product by as much as 3 percent,” says Citigroup’s “Energy 2020” report. Fracking could make North America energy independent and turn the United States into the world’s number one oil producer in a few more years.
For people still concerned about “catastrophic manmade global warming” (despite 16 years of stable global temperatures), hydraulic fracturing helps cut carbon dioxide emissions, using clean-burning natural gas that costs a third less than oil per BTU.
Common sense says hydraulic fracturing should garner widespread public, political and even environmentalist support. Several states have banned it, however, and the Environmental Protection Agency and Bureau of Land Management are poised to unleash new rules that could usurp state control and restrict or hyper-regulate fracking on federal, state and private lands.
Read more at The Washington Times. By Paul Driessen.
Photo credit: Rainforest Action Network (Creative Commons)