For the first time in 70 years, the U.S. is predicted to become a net energy exporter. Most of this progress can be attributed to the combination of two technologies — hydraulic fracturing and horizontal drilling. American consumers, oil and gas companies, and landowners have benefited significantly from the shift, while others say they have lost a great deal. CNBC explores whether the U.S. should ban fracking.
In less than two decades, fracking and what is known as the "shale revolution" have turned the energy world upside down.The combination of hydraulic fracturing, or fracking, and horizontal drilling has revolutionized U.S. energy. The country has gone from heavily relying on foreign oil to producing enough for its domestic consumption and international exports in less than two decades.
The shale revolution has lowered prices, strengthened the U.S. geopolitically and made entrepreneurs and landowners very wealthy.However, the process of fracking is controversial. The potential harm to the environment and local communities is polarizing. Opponents argue that water contamination and air pollution warrant stricter regulation and in some cases, a complete ban. Proponents say there is little or no evidence linking pollution to gas drilling.
Whether fracking should be allowed or not has been widely discussed. France, Germany, and Ireland have banned the practice. So have some states, including New York, Maryland, and Vermont. Democratic presidential hopefuls Elizabeth Warren and Bernie Sanders have said they intend to change regulations at the federal level. Other candidates like Joe Biden and Pete Buttigieg are suggesting limits on production or stronger regulations.
Watch the video below to learn more about how the U.S. shale revolution has impacted American energy consumers and residents of communities where most gas production has occurred.
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