Alexander Cai’s blog on the development of oil fracking technology clearly portrays the uncertainties of environmental sustainability of this technology despite the benefits gained from using it. Although a company’s main goal is to maximize profits, I believe that the negative effects of using this technology to obtain outweigh the benefits. Oil fracking releases immense volumes of greenhouse gases into the atmosphere, as well as erode the landscape significantly, creating possible earthquakes.
Using this technology to extract oil has become extremely popular in developing countries as well. Because of the lower standards of living, firms tend to be more indifferent towards environmental sustainability as making a profit is of larger concern.
Although it is more profitable for a company in the short term to use oil fracking practices as it lowers costs significantly, companies need to be aware that it may be detrimental towards its profits in the long term. It is plausible that society will become increasingly aware of the environment as it continues to worsen and resources continue to to deplete, and the reputation of these companies will be affected.
References:
https://blogs.ubc.ca/alexandercai/2013/11/16/fracking-pros-and-cons/