![]() The driving growth force in the market will likely be expansion of natural gas extraction, which is expected to increase to a global market value of $48.7 billion from its current $39.7 billion over the next five years.īecause the United States accounts for an overwhelming majority of hydraulic fracturing activity worldwide, it has also produced the most concrete statistics regarding the broader economic benefits of fracking. Globally, the hydraulic fracturing market is on track to reach a total value of $68 billion by 2024. There can be no doubt that hydraulic fracturing has become a massive economic force in the energy sector. Like America, Canada has seen a rapid explosion in the technique’s use in recent years. Roughly 80 percent of new wells in Canada utilize hydraulic fracturing, and the technology has been in limited use for Canadian extraction for over 60 years. Worldwide, fracking is expected to open up approximately 140 billion barrels of oil that was previously inaccessible.Īlongside the United States, Canada has made robust use of fracking in its domestic energy sector. Indeed, shale oil reserves in Russia total 75 billion barrels to America’s 58 billion, while America’s 665 trillion cubic foot shale gas reserves are exceeded by China, Argentina and Algeria with 1,115, 802 and 707 trillion cubic feet of known reserves, respectively. The United States is far from the only country in which hydraulic fracturing shows promise as an energy extraction technique. Potential for International Energy Development Fracking has also been used to great effect in exploiting previously unusable reserves in the Great Plains and Great Lakes regions of the United States. Following a decline after reaching its peak in the 1970s, production from the Permian Basin accelerated to supply roughly 20 percent of all US crude oil in 2017. The use of hydraulic fracturing has even been shown to allow for enhanced extraction in previously exploited formations, as in the case of the Permian Basin in the American Southwest. ![]() The Marcellus Shale, a large formation that includes parts of New York, Pennsylvania, Ohio, West Virginia and Virginia, had reached 14.4 billion cubic feet of gas production per day by 2015 despite being severely underutilized just a few years earlier. By 2015, however, there were approximately 300,000 hydraulically fractured wells alone, more than the total number of gas wells just 15 years earlier.ĭue to oil and natural gas distribution, different regions of the United States have seen various levels of impact from hydraulic fracturing. In 2000, the United States was home to just 276,000 natural gas wells, of which only 26,000 utilized hydraulic fracturing. As of 2015, fracking operations in the United States also produced some 53 billion cubic feet of natural gas per day, accounting for more than two-thirds of total domestic production.Īs hydraulic fracturing has grown to account for a progressively larger share of US fossil fuel production, the number of hydraulically fractured wells has also increased dramatically. ![]() According to the US Energy Information Administration, hydraulic fracturing from tight oil reserves accounted for the production of 6.44 million barrels of crude oil per day in 2018, or 59 percent of total American production. ![]() General Statistics on Hydraulic Fracturing in the United StatesĪlthough its widespread use is still a relatively new development, hydraulic fracturing has already grown into a massive component of the overall energy landscape in the United States.
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