Study: Fracking Cuts Energy Costs, Raises Living Standards
Kenneth Artz writes in Heartlander that fracking has been beneficial to consumers. He asserts appropriately that,
The recovery of natural gas through smart drilling and hydraulic fracturing is cutting energy costs and raising living standards throughout the United States, a newly published study has found. Economists at IHS Inc. report hydraulic fracturing, also known as fracking, will likely raise average U.S. household income by $2,700 per year and create 1.2 million new jobs by 2020.
Hydraulic fracturing is the process of extracting oil and natural gas from shale rock layers deep within the earth. Engineers drill thousands of feet below the earth’s surface and then create cracks in the shale formations by injecting water, sand, and trace chemicals under high pressure. Although energy producers have utilized fracking since the middle of the last century, Americans are benefiting from a fracking revolution today thanks to recent technological advances and new oil and natural gas discoveries.