For the 60 years that America has begun hydraulic fracturing (dubbed “fracking”), over 2 million jobs have boosted the economy and brought money to American families. While creating jobs, the innovative technology has also cut down energy bills, putting more money back into these hard workers’ pockets. One source estimated that fracking will save the average American household $3,500 per year and create 3.9 million jobs by 2025. Yet these numbers are just a mere fraction of what safe and responsible energy extraction brings to the American economy and lifestyle.
Though the job creation is the obvious answer as to why fracking boosts American economies so much, there is more behind the transformative economic effects of hydraulic fractuing. The cost of everything has some kind of energy component to it, according to expert John Rumpler. That being said, reliable and relatively inexpensive energy is crucial to other components of the American economy than just heating in households.
With newly developed hydraulic fracturing liquid so safe you could drink it, fracking is basically injecting a mix of water, sand and a few chemicals into a rock underground to release the natural gas inside. Some describe this method as a “new gold rush.” As more basins and opportunities are discovered, bigger companies rush towards them. Yet some smaller, independent companies are more focused on the local scope, and continue to use the basins they have already begun drilling in to boost their own local economy and create local jobs.
One example of this is Cunningham Energy whose founder, Ryan Cunningham, said, “As bigger producers moved into large horizontal shale plays like Marcellus and Utica, it left a huge void for smaller producers because no one was drilling these wells anymore.” Additionally, Cunningham Energy’s staff is comprised of around 80 people on the payroll, most of whom are local and whose communities benefit from this local network of employment.