Since the first successful oil well in 1859, the U.S. has drilled millions of wells for oil and gas. Drilling surged with demand, technology, and geopolitics, with notable periods like the post-WWII boom and the fracking-driven increase in natural gas wells. This progress has brought economic benefits and energy shifts, yet also raised environmental and social concerns.
Of the millions of wells drilled, approximately 3.5 million are now abandoned, with some being properly plugged and others left unplugged. Unplugged wells can emit greenhouse gases, contaminate surrounding environments, and pose safety hazards. Orphaned wells, which lack a responsible operator, become the financial responsibility of the government and taxpayers.
Oil and gas activities contribute to significant air pollution, resulting in adverse health effects and economic costs. Emissions from drilling, production, and transportation release pollutants that are linked to asthma, heart attacks, and premature deaths, especially impacting vulnerable populations. Addressing these emissions is crucial for protecting public health, mitigating economic burdens, and implementing comprehensive policies to reduce air pollution from the oil and gas industry.
Texas has emerged as a prominent oil and gas producer, ranking as the fifth largest oil producer globally if it were its own country. The development of fracking technology and a surge in oil prices led to a significant increase in oil and gas production in Texas from 2000 to 2014. However, the distribution of employment gains during this boom varied across gender, race, and ethnicity. The Texas example underscores the importance of ensuring an equitable distribution of economic benefits in energy systems, especially as governments incentivize low carbon energy initiatives.
Oil reserve estimates vary widely due to the challenges of accurately assessing oil deposits deep underground. Factors such as limited transparency, varying methodologies, and political influences contribute to the disagreements. Efforts are needed to align reserve estimates with climate goals and ensure transparency in reporting.
Fracking transformed the world energy landscape by unlocking untapped oil and gas resources. It led to increased domestic production, reduced import dependence, and stimulated economic growth. However, concerns have been raised about its environmental and health impacts, and its contribution to carbon emissions.