The oil and shale industry has been in decline these last few years, according to market experts. societal concerns on climate change and the potential effects shale gas extraction on the ecosystem have been turning off consumers. This has prompted oil and shale companies to seek alternative means of extracting shale.
One of these methods is hydrofracking, which is an improved form of fracking. The process of hydraulic fracking forces shale rocks to produce gas by injecting a certain area with high amounts of pressure. The process has had unexpected impacts to economies.
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There are environmental concerns about the process. Technically speaking, hydrofracking does not emit harmful gas to the environment. Machinery can dig deep into the ground and extract the energy source directly. However, scientists are unsure whether this may weaken the rocks below and cause unforeseen effects. These alleged environmental effects are still to be fully studied but already have shifted the way economies are handling their natural gas perspective.
Hydrofracking is expected to support local economies and lessen reliance on foreign oil. This has political implications. This method of extraction means that each country could technically support itself in case of a global crisis. Government agencies are working closely with local oil and shale companies to ensure that no political affiliations are made in the manufacture or production of shale gas.
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Despite hydrofracking being a relatively new process in the oil and shale industry, these two implications are being heavily discussed by those involved in the market. Current forecasts are not clear and determinedly noncommittal.