A recent report commissioned by the American Petroleum Institute states that hydraulic fracturing saved Americans roughly $250 billion last year.
The report was part of a move to combat various regulations that are meant to restrict fracking activity. The study examined past fuel prices and production data and weighed it against what the market would be like without hydraulic fracturing. The study concluded that without fracking, global crude oil prices would be anywhere from $12 to $40 higher per barrel.
The study, drafted by the research and consulting firm ICF International, found that the resulting savings totaled about $248 billion in 2013 and roughly $624 billion between 2008 and 2013. API’s vice president for regulatory and economic policy Kyle Isakower said, “For the first time in generations, surging domestic production is driving our energy security and providing a crucial buffer against disruptions in Europe, Africa, and the Middle East.”
He also said there are currently around 202 bills and measures proposing regulations for the fracking process in 34 different states. Citing public health and environmental concerns, there’s growing pressure from environmentalists and some politicians that are calling for strict regulatory measures to be taken. Isakower said this push for stringent rules could possibly undermine the nation’s domestic energy boom which has provided more than $1.1 trillion in worldwide economic stimulus. He continued on to say, “It’s critical that policymakers turn aside duplicative regulations on hydraulic fracturing and ensure that U.S. consumers can benefit from energy production on federal lands that remain off-limits.”