Hydraulic fracturing is the process of extracting oil using pressurized liquid. The fractures can occur both naturally – veins and dikes for example, but more often it is a process used by the gas companies with one purpose only – to obtain fluids such as water, petroleum and, primarily, gas from deep underground. With growing population, cities and industry demands, there also comes a natural requirement for more energy – something that fracking, a process which accounts for almost all natural gas extraction, greatly helps reduce. However, convenient as it may be, do the benefits it provides outweigh the bad and the ugly? Let’s have a look.
An often overlooked point is that fracking can lower the value of real estate and other properties. Many local homeowners have been shocked to find that their lifelong investment has lost all of its value overnight. Something needs to be done immediately to stop it from happening. They were good people and they did not deserve such terrible treatment from profit-oriented corporations. In other words, oil extraction has caused a lot of harm to the economy locally and worldwide.
On the positive side, it means that there is a lot of cheaper land up for grabs. What you would do with it, I’m not sure. It is prone to explosions and methane leaks so it would be inhabitable. On the condition that you use it in the hopes that the drillers will be gone soon, then it would be an acceptable practice.
When an area become energy-dependent, the following problems arise:
- Lower interest from foreign investment
- Higher income gap
- Unstable economy
The first thing to remember is not many investors will want to start a business in a fracking area. There are too many potential issues that would create a loss or liability. Secondly, the inequality between the rich and the poor will be greater. Local citizens will be losing money while the businessmen gain a lot. Finally, the economy will be too dependent on one industry. If that industry was to fail, there would be a catastrophic outcome.