Question

In: Economics

In this final discussion board post, I want you to research a new and controversial method...

In this final discussion board post, I want you to research a new and controversial method for extracting oil and gas, fracking. The expansion of this unconventional method for extracting oil and gas has lead to a domestic 'boom' lowering our dependence on foreign oil.  But does it come at a cost? For this post, I want you to research what fracking is, and identify the pros and cons of this form of energy extraction.  Choose a side of the argument, are you in favor of fracking, or against it? This is an open ended post, have fun with it, just make sure you support your argument with facts from the resources you found.  

Solutions

Expert Solution

Fracking which is the short form of Hydraulic fracturing, is a method to extract oil and natural gas. This involves drilling down deep in the crust of the earth where there is oil and gas and where usual extraction methods could not reach.The rocks that contain gas and oil are then opened and gas and oil are collected.So fracking is to drill the deep fossil fuels for oil and gas.It has its pros and cons.

The pros are that now we can have more gas and oil as more fossil fuels are extracted from the depths of the earth.This is very good news as it was thought by scientists that we have very few years to run out of fossil fuels.Next there will be lowering of taxes as we have access to more oil and gas and they will become cheap.This in turn will make countries with access to fossil fuels more self dependent. Environmental pollution will be less and there will be better air quality. Burning of gas will release less carbondioxide than used to be in the past when coal was burned.More extraction of oil and gas at home will mean less dependent on foreign countries for them.Fracking industry has generated plenty of jobs and there will be many more in future.

The cons are that there will be less focus on other renewable energy sources.If dependence on fossil fuels is more,there will be less research for other alternative and cleaner energy sources like wind, hydro and solar energy. Even though it has been said that fracking improves the quality of air,there will be increase in pollution in general due to fracking .Fracking uses more water and there will be shortage of water and increase in water pollution as chemicals used in extraction may leak into water supply system..Again chemicals used in fracking liquid has a negative affect on the health of workers.Methane component will increase in air.Noise pollution will increase in the drilling sites. Fracking causes earthquakes as cracks appear on rocks deep below the earth's crust.More dependence on fracking,reduces chances of innovation.There is affect on local habitats and communities.

I am not in favor of fracking as the benefits of fracking do not outweigh the drawbacks of it.It is a short term solution for a long term problem.Oil being a non renewable source of energy will sooner or later run out if the present rate of consumption goes on.Fracking causes environmental and health problems and this process is delaying our efforts to move to renewable sources of energy like wind and solar power.So fracking comes with a cost.


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