Fracking’s $14.9 Billion Shot In The Arm

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Fracking in Colorado is about more than just energy development or turning on a light switch. In Colorado, safe and responsible energy development is part of our way of life. Everything from our jobs to our schools, roads, parks, and our economy all depend on the shot in the arm from fracking and our state’s leading oil and natural gas industry.

As a 2016 study from the University of Chicago Energy Policy Institute found fracking boosts local economies to the tune of roughly $1,900 per household. “This study makes it clear that on net there are benefits to local economies,” said co-author Chris Knittel. The study shows that fracking’s benefits include “a six percent increase in average income…a 10 percent increase in employment, and a six percent increase in housing prices.” Furthermore, according to Energy Tomorrow, fracking in states like Colorado “is the technological engine behind surging U.S. oil and natural gas output” providing a myriad of economic benefits to our economy, individual households, U.S. manufacturers and businesses.

This should come as no surprise. Colorado Energy Coalition’s 8th annual Resource Rich Colorado report said that Colorado is “an established leader in traditional energy production,” as well as “a leader in clean energy and alternative fuels.” In fact, the report also highlighted our state’s energy economy generates a whopping $14.9 billion economic impact from Denver to the Western Slope. The even better news is that the benefits of fracking can be seen from coast to coast.

Across the U.S., states from New York to North Carolina to Colorado are looking to safe and responsible natural gas development to meet their economic and energy needs. As a recent Forbes article said: “Natural gas is the wave of the future” in energy production, both at home and abroad. Put simply, fracking has not only unlocked abundant oil and natural gas reserves in our own backyard, they are the most effective way to meet some of the challenges America will face in the 21st century.

Bottom line, fracking is keeping communities strong throughout Colorado—whether you live in Greeley, Eaton or Garfield. Without fracking, hundreds of thousands of jobs would not exist. Our roads and parks that bond our communities and make them feel like home would fall apart.

 

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