The Oil And Natural Gas Industry On The Us Economy

Oil Products The demand for natural resources and other earthly materials continue to rise exponentially throughout the world, especially due to rising populations. Some issues that are in support of fracking include having the opportunity to access an alternative source of fuel, creates more jobs in the oil and gas industry, lowers taxes for Americans by using domestic oil, helps to make certain countries less dependent on others for their resources, stimulates the economy, and also helps to improve overall air quality by using natural gas for electricity instead of coal. According to a study on the â€Å"Economic Impacts of the Oil and Natural Gas Industry on the US Economy in 2011† done by Price Waterhouse Coopers LLP â€Å"The US oil and natural gas industry’s total employment impact to the national economy in 2011, combining the operational and capital investment impacts, amounted to 9.8 million full-time and part-time jobs and accounted for 5.6 percent of total U S employment.† Fracking to access more natural gas and oil not only has helped many to be employed in these industries, but also has a great impact on the way one attains electricity. Some values in support of fracking include profit, quality of life capitalism, sustainability, and economic power. Some issues that are against fracking include harming the environment, the results in fracking a particular area are not aesthetically appealing, potentially plays a role for water droughts and depleted local water supply,Show MoreRelatedAmerica s Need For Black Gold1221 Words   |  5 Pages24 February 2017 America’s Need for Black Gold In 1973, in the wake of conflict in the Middle East, US drivers were feeling the repercussions with every gallon of gasoline and oil that they consumed. The members of OPEC placed an oil embargo on the US and several other nations because of their aid to the Israeli military. This embargo greatly pressured the US, who was highly dependent on foreign oil. In the aftermath of this crisis, President Nixon called for the increased energy production to avoidRead MoreThe Economic Report On Fracking, Is It Worth It?1465 Words   |  6 Pagesforeign oil and natural gas has created a vulnerability affecting our national security and economic stability. 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The States falls victim to those countries because we do not export quite as much as they do. This problem could potentially be solved by upping the amount of oil and gas fracking. Then, that now unused oil can be sent out to other countries, turning a profit here. Although many people believe that it is harmful to the environment, and bad for the public around it. The largest being that it