Thanks to Fracking U.S Enjoys Oils Boom
Recent discoveries of shale deposits and the rise of new oil technologies have completely changed the U.S. energy marketplace.
For years Americans have been arguing over production verses conservation, but now thanks to big increases in renewable energy alongside domestic oil and natural gas production the whole scene has changed.
Thanks to a process known as hydraulic fracturing (or “fracking”) crude oil production in the U.S has increased by nearly 11% in the past 5 years. Natural gas has also seen a 25% increase in production over the last five years and prices have dropped to their lowest in a decade.
Thanks to fracking, large reserves of shale natural gas and “tight” crude oil that was always considered too costly to process are now viable sources of energy. Thanks to fracking in North Dakota oil production has risen over 400% in the past five years and it is now the second largest oil producing state behind Texas.
However, there are concerns that the drilling required for fracking may have adverse effects on local water and air quality. A study from Duke University found that drilling in Pennsylvania may have contaminated water supplies.
However, thanks to this new process the US will certainly be enjoying its oil boom for the foreseeable future