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Fracking is good for the Environment?

According to an article on Business Insider by Jeffrey Frankel, fracking might just be a good thing for the environment.  CO2 emissions in the United Sates are down to 1995 levels and the only explanation is natural gas. Natural gas burns about 50% cleaner than coal and is currently the primary source of U.S. energy. In the European Union, CO2 emission are up and there has not been a boom in hydraulic fracking.

So why should we use natural gas instead of renewable energy. In my opinion, renewables are not as efficient as natural gas and we have a limited supply of crude oil.  We need something to bridge the transfer from crude oil to renewables and I believe natural gas is the solution. Natural gas will not only have environmental benefits but it will allow for more price stability because of less dependence on foreign regions. In addition a boom in the energy sector would allow for the development of new towns and jobs.

On the other hand ….

The process of getting natural gas out of the ground is not very environmentally safe. Fracking chemicals and frack water can contaminate groundwater and pollute local air.  This is a major concern and has lead many local government to ban fracking. I do not believe that fracking should be used if it harms local welfare. I do believe that clean energy companies will develop better techniques to remove natural gas from the ground. Nuverra Environmental Solutions (NYSE:NES) specializes in cleaning up the environment after natural gas is removed from the rock.

Lastly, there needs to be more government oversight on fracking, this can discourage unsafe practices.