View this multiplication of laws and requirements differences from one state to another, The EPA recently proposed rules that would apply to fracking operations, in hopes of achieving a 95% reduction in VOC emissions from fracked gas wells. These regulations neither require individual permits nor impose a technology-based emissions standard. Instead, they impose operational performance standards—specified procedures designed to minimize emissions, including standards governing well completion"' following fracking operations. For example, the rules require "green" well completion, a series of measures that separate salable natural gas from liquids and provide combustion of gas that would otherwise be vented. The rules also specify leak control …show more content…
It is estimated that a shale gas well requires between 9,000 m3 – 29,000 m3 of water per well. An estimate 2500-3000 wells would be required to produce 9 billion cubic meters per year of shale gas. If we use the cubic feet water cost in NY City ($3.39 for 100 cubic feet), an average water cost per well is at least million dollars. For 2500 wells this is equivalent to $ 2.5 billion. On the revenues side, Pless (2012) estimated a $5 dollars average price for a 1000 cubic feet of gas extracted because of the fluctuations of gas prices between $3 and $13 per 1,000 cubic feet. With an estimation of 15 million shale gas cubic feet per lifetime of well (36-60 months), revenues expected per well, are around $ 14.2 million; for 2500 wells, revenues are around $35.5 billion. From the economic point, the cost associate with water use seems insignificant. In this analysis, water extraction, transportation and storage were not accounted. The price of $2.5 billion water cost is the minimum associated with the use of …show more content…
On macro level, the shale gas extraction has contributed to the national gas production increase reducing natural its importation and the federal deficit. This has led to a net imports of petroleum fallen from 60% of total to consumption in 2005 to 42% in 2012 and estimated 1.6 million jobs created or related to the hydraulic fracking industry (MacVoy, 2013; Houlton, 2013). Local government receive royalty from the oil and gases companies disposing of revenues to develop infrastructures. Also, natural gas extraction is becoming cheaper and its use for electric power has surpassed the coal (Brooks, 2013). On the micro-economic level, Brooks (20123) also noticed a lower gas prices, lower energy cost for the consumers. Shellenberger (2014) revealed a decrease of average household energy costs in Colorado around -11,551 dollars per year, lower than the national average energy cost.
On the individual level it seems like the benefits associated with fracking surpassed the costs, but at the macro-level, the impacts of hydraulic fracturing process seem to be worldwide; clearing of the forests, which is needed for atmospheric gases reabsorption; release of more GHGs, contributing to the global warming; use of fresh water; which is needed for human survival at the time where drought is advancing in many