Oil and gas are two of the most important resources in modern society. It is used in everything from powering a car to keeping your house warm. Due to the increasing demand, energy corporations have developed a new method that enables them to harness these natural resources more never done before.
In the article, fracking is being quickly adapted by large companies around the world because it increases profit. The economies of countries with stale reserves benefit since governments make a profit from taxing and the new jobs fracking creates.
With this technique, economic benefit is certain. However, I believe by unlocking billions of barrels of oil in shale, there are bound to be environmental drawbacks such as releasing even more greenhouse gasses into the atmosphere. Especially in some countries where technology and operations are not as developed, this technique may not be standardized hence increasing the potential of spills and water contamination which can cause irreversible damage both the environment and local drinking water. When such accidents occur, it is the corporate’s responsibility to pay for the damages. Since the extent of this damage is not yet known, it is possible for long term costs to be greater than the short term benefits. Fracking is a temporary solution to quench our thirst for cheap energy during economic uncertainty. Perhaps if companies were less inclined to maximizing profits and more selfless, future generations will not have to deal with the problems which were created by us. This article helped me apply business ethics, sustainability and social corporate responsibility in the real world.
