Fracking is the process of using pressurized water, chemicals and sand to fracture shale rock. In doing so, trapped resources such as hydrocarbons are released. In 2012, fracking provided 2.1 million jobs and added $283 billion to the US GDP, yet fracking is constantly ridiculed for its negative environmental impacts. These entail contaminating ground water, releasing greenhouse gases and others. As there are many benefits and detriments that come with the fracking process, fracking has often been a focal point of many debate regarding ethics in business. With the world population growing, global energy consumption is also increasing. Therefore, more efficient, low-cost methods of energy production and extraction such as fracking, could play an invaluable role in the future of global energy production. However, if fracking becomes the most common method of hydrocarbon extraction, environmental devastation could result. Despite the incredible economic benefits of fracking, one must also consider the impacts it is having on other scarce resources such as fresh water, that will also be consumed at increasing rates as the global population increases. Although fracking companies have the objective to extract as much of their target hydrocarbon as possible in order to maximize profits, one must consider the long-term implication’s of their actions, aside from simple profit motives.
http://www.theglobeandmail.com/report-on-business/economy/economy-lab/fracking-is-an-economic-boon-to-us-love-it-or-hate-it/article14146419/