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and allows the business to grow at a faster rate. Fracking encourages inward investment into the area and house prices are likely to rise, benefitting home owners. Fracking also brings with it new infrastructure, reducing congestion and improving the quality of life in the local area. This combined with a rise in salaries creates a new injection into the economy. Specific areas of the economy will benefit more than others. If investment in the area increases and price houses rise there will be a greater demand for new houses. This will cause a boom in the housing sector, raising salaries and employment. Unemployment figures in areas around fracking sites will fall. Fracking has both benefits and negative impacts associated with it. To determine whether fracking should be allowed, we need to assess both benefits and negative impacts. The economic benefits of fracking are great and many, however the negative externalities in production associated with fracking are also large. Fracking causes water contamination, landscape destruction, air pollution and even earthquakes. This is also combined with a strong case that fracking pollutes large volumes of methane, which is a greenhouse gas. Methane and therefore fracking contributes to an increased rate of global warming and climate change. In my opinion fracking should be allowed but it should be heavily regulated. Shale gas reserves could provide energy for the world for 200 years and with our current energy situation we cannot afford not to exploit this valuable resource. Fracking provides jobs and encourages inward investment. Greenhouse gas output must be monitored and regulations must be put in place to ensure that companies do not exceed pollution allowances. If companies do exceed these fines and restrictions should be put in place to ensure that fracking is sustainable and beneficial to any areas affected by fracking. If fracking is allowed it should be energy consumers that benefit. The primary aim of fracking must be to provide energy for consumers of the future. If it is not the consumers that benefit from energy price falls, then fracking is unsustainable. The benefits felt by the economy will only occur if individuals benefit, thus reinforcing the idea that individuals should benefit and not large corporations. The benefits felt by individual energy consumers will also be felt by others such as the government and small business owners. References and further reading: http://www.brookings.edu/blogs/brookings-now/posts/2015/03/economic-benefits-of-fracking http://environment.about.com/od/fossilfuels/fl/8-Environmental-Costs-2-Benefits-of-Fracking-for- Natural-Gas.htm http://edition.cnn.com/2015/05/09/us/texas-earthquakes-fracking-studies/ https://friedmanseconomy.wordpress.com/tag/ppf/ BBC News –‘Guide to fracking’ - http://www.bbc.co.uk/news/world-us-canada-23320540 Paddy Wilson Fracking is the process by which fissures underground are forced open using water and other chemicals to access oil and gas for energy. This method used to extract these raw materials has plenty of pros and cons surrounding it, along with much controversy. One of the most profound issues involving this process is who is affected and hence who should benefit from it. Therefore the question is raised: Should fracking be allowed and who should benefit from it? There are many sides to this argument and I hope to separate the myths from the truth and help you understand the Should fracking be allowed and who should benefit?
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