The 20th century is often referred to as the "American Century" as it was during that time when the U.S. emerged as an economic and political superpower. But a decade into the 21st century, with the country mired in a jobs crisis alongside its eternal struggle to find new sources of energy, some companies in that sector, with the help of business-friendly research groups, are arguing that the practice of fracking would give the U.S. economy a much-needed boost.
According to Moody's Analytics (via USA Today), the exploration of natural gas deposits embedded in shale, along with oil drilling, is responsible for roughly 1 million of the 2.7 million new jobs that have been created since 2002. And much of that employment can be chalked up the discovery of 1.9 trillion cubic feet of natural gas in the Appalachian Basin, in an area known as the Marcellus Shale. But fracking -- a process formally known as hydraulic fracturing in which fluids are injected into the ground at high pressures to enable the extraction of natural gas -- also is linked with environmental hazards. And critics also contend that shale supporters are overstating their projections of the number of jobs created by fracking.
So the question is: how many jobs would fracking really create, and is it worth the potential damage to the environment?
- This Year's Best High-Interest Savings Accounts
- The Best States to Retire in 2022
- 7 Crucial Retirement Mistakes
- Don’t Borrow From The Bank - Borrow From Yourself
- Want Cash Out of Your Home? Here Are Your Best Options
- Turn Your Home Equity Into Cash Before a Recession
- Home Equity Surges: Compare Home Equity Loans
- Age 62+? Take this Quiz to Qualify for a Home Equity Conversion
- Digital Mortgage Platform Helps New Home Buyers Qualify to Buy
- 5 Reasons You Should Switch To This Travel Credit Card
- Best Travel Cards For Winter 2022
- 3 Cards Charging 0% Interest Until 2024
- The True Story Behind "The Blind Side"
- These Are All The Hidden Hacks Of Costco
- The Largest Military Planes In The World Are A Sight To Behold