With the COVID-19 pandemic still around us causing major economic setbacks, the number of natural gas drilling rigs remained low throughout the year. Consequently, this drove down the crude oil prices. In July, the country recorded its lowest count ever of natural gas-directed rigs – 68. Statistics show that starting mid-March of 2020, the number of natural drilling rigs fell sharply as the demand for natural gas decreased. There has been a recent decline in activities related to fracking in the U.S. Drilling rigs for natural gas reached a record low of 68 in 2020. Given its wide applications across industries, natural gas is not far from witnessing considerable growth in the future. Natural gas extraction will be the most significant reason fracking expands to many parts of the world. The rapid depletion of conventional resources drives investments toward the exploration of alternative ones. Statistics on the growth of fracking suggest that the natural gas market will have a global market value of over $60 billion by 2024. Fracking will be a $68 billion market by 2024. natural gas reserves will help boost employment in the manufacturing industry by generating more than one million additional jobs by 2025. Fracking stats show there are 9.8 million jobs that the shale energy sector supports.Īdditionally, the expansive development of the U.S. The rapid growth of the oil production industry creates more high-paying jobs and improves personal incomes in many states. The fracking industry supports 5.6% of the total American employment. started to consider the possibility of benefitting from homegrown energy through shale development. Soon after, other countries such as China, South Africa, and the U.K. As a result, numerous jobs are created for millions of individuals. has been booming and is expected to grow even more in the next decades, fracking statistics show. Local, state, and federal tax revenues will also decline by nearly $1.9 trillion.Īdditionally, implementing a ban on fracking could significantly reduce the gross domestic product to $7.1 trillion, according to forecasts. could lose 19 million jobs by 2025 if fracking were stopped. The hard facts about fracking reveal that the U.S. huge losses in jobs, tax revenue, and GDP by 2025. This suggests an improvement in the country’s capability of supplying more than half of its total fuel needs. has roughly tripled due to the increasing number of fracking activities in the country.Īlso, fracking facts and statistics show the nation’s total consumption of imported oil fell sharply over the same period. Over the past decade, the total production of crude oil in the U.S. From 2010 to 2020, fracking statistics reveal that America’s total crude oil production roughly tripled.įracking continues to go upward, considering its growing contribution to the energy sector. After which, the well is ready for safe and long-term production of oil and natural gas. On average, hydraulic fracturing takes three to five days to complete.
in the late 1940s, the process has generated more than 1.7 million wells.Īccording to fracking production stats, this number could produce up to 600 trillion cubic feet of natural gas and, at the same time, oil exceeding seven billion barrels in amount. Over 1.7 million wells have been created from fracking.Įver since fracking started in the U.S. Now, to get straight to the fracking facts and myths, let’s dive into the stats.
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