I need a solution on – Should oil and gas companies be allowed to engage in fracking, or should the United States ban the practice? Should certain regulations be put in place?-Should oil and gas companies be allowed to engage in fracking, or should the United States ban the practice? Should certain regulations be put in place?

Analyze the following CaseYour answer must be responsive to the question asked to receive full pointsYour answer must be 200 words or more.As you learned in this chapter, business moves at breakneck speeds. Industrial and technological change is inevitable, and one of the keys to a successful business is a willingness to lean forward and embrace this change. Still, before a company can initiate a change, it must weigh the ethical, financial, and environmental impact of its actions. Neglect of one or more of these factors may lead some to wonder if the pursuit of innovation is always worth its potential consequences. To wit, one of the most controversial business changes in recent years is the oil and gas industry’s move toward hydraulic fracturing as an alternative to traditional good mining.More commonly known as fracking, hydraulic fracturing is a process whereby a pressurized mix of liquid and sand is pumped down a well into sheets of rock located deep below the earth’s surface. As the pressurized mix expands, the liquid breaks the rock apart, creating fissures. The sand mixed into the liquid keeps the fissures from closing in on themselves, creating pathways through which natural gas and other fossil fuels can be extracted. Fracking has been used to simulate traditional oil well production rates since the 1940s, but the process has only recently become technologically and financially viable as a large-scale, standalone venture.In the United States and Canada, fracking is most commonly used to extract natural gas from sheets of shale rock. Because so many oil and gas companies have turned toward fracking, U.S. natural gas reserves increased by more than 75 percent between 2004 and 2011. The U.S. Energy Information Administration expects this trend to continue, making the U.S. the world’s largest natural gas producer by 2017.Because it provides access to rare fossil fuels that could not otherwise be collected, fracking is flourishing in many parts of the United States and Canada. However, several unsettling findings have brought the practice’s long-term environmental impact into question, and more than a dozen countries (including France, Germany, Spain, and England) and nearly 100 city and state governments in the United States have imposed moratoria or outright banned the practice. Change and innovation are inevitable in business. Without question, fracking represents a change (and an extraordinary innovation) in America’s oil and gas industry. As business moves forward, however, business leaders must consider whether change is always worth the risks it carries.On one hand, fracking poses several benefits to America’s economy and business environment:Without question, fracking is a boon to many American businesses. It has drastically reduced the cost of natural gas across the country, benefiting energy-intensive industries in an otherwise perilous economic climate. Fracking provides the United States a distinct competitive advantage, reducing our dependence on foreign fossil fuels and positioning America as a major player in the global gas market. According to President Barack Obama, the bourgeoning fracking industry will produce 600,000 new jobs nationwide.Because it reduces our dependence on coal, fracking may actually improve the environment. According to the International Energy Agency, replacing America’s coal-burning power plants with natural gas-based plants could reduce emissions of greenhouse gases created through electric generation by as much as 45 percent. “If we combine that step with the other steps that make sense in their effects on both the economy and the environment . . . we will have a reasonable chance of meeting our climate goals,” says George Washington University law professor Richard J Pierce Jr.On the other hand, opponents of fracking point to several compelling scientific studies suggesting that the practice is unsafe:One Duke University study found that water supplies located within a half-mile of fracking wells can become contaminated with unsafe levels of methane: “The gas, which is usually located thousands of feet below the water table, appears to be entering the water wells either through cracks in the bedrock or, more likely, the casing in natural gas wells.” The connection was first discovered when residents living near fracking sites discovered that their running tap water was flammable and could be ignited with a match or lighter.A 2013 study published in the scientific journal Geology found that the injection of pressurized fracking fluid can cause tectonic plates to shift, triggering earthquakes. According to the study, the largest earthquake in Oklahoma’s history (measuring 5.7 on the Richter scale and felt across 17 states) was caused by fracking. Moreover, between 2009 and 2013, the rate of earthquakes recorded in the American Midwest was 11 times higher than the average rate recorded over the previous 30 years.Should oil and gas companies be allowed to engage in fracking, or should the United States ban the practice? Should certain regulations be put in place? Defend your answer.PreviousNext
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