Fracking is making America more energy secure. According to the Energy Information Administration, the United States now produces more natural gas than any country on Earth. The United States. also is racing past Saudi Arabia and Russia to become the world’s top oil producer. Here’s how fracking is helping here at home:
Compared to other electricity sources like coal, natural gas is usually cheaper, uses less water, uses less land and emits a fraction of the emissions. Since 1992, rising natural gas use contributed to a 70 percent decline in sulfur dioxide and smog forming nitrogen-oxide emissions.
Petrochemicals and Agriculture
Dow, DuPont and others use the unique chemical properties of natural gas to make plastics, fertilizers and fabrics. They are relocating some foreign factories back to the United States to be closer to cheaper raw materials and to take advantage of our new global competitive advantage in energy.
Compressed Natural Gas (CNG) vehicles are a small but growing market. Fleet vehicles such as city buses are making the switch to natural gas, too. Many natural gas refueling stations are being built across the country.
Federal, State and Local Governments
The oil and gas industry is a significant revenue source for government services. We deduct standard business costs from our taxes but receive no government subsidies. Oil and gas companies pay about $30 billion annually to the federal government in bonus payments, rent, royalties and taxes – that’s $86 million every day.
The U.S. Economy
The oil and gas industry directly and indirectly supports more than 9 million jobs. Our industry typically invests more than $500 billion annually in the economy through capital spending, wages and dividends.
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