TEXAS CITY’S FRACKING BAN WILL LIKELY COST TAXPAYERS MILLIONS
“The decision by voters in the North Texas oil and gas city of Denton to pass an ordinance that would ban fracking could cost their city millions of dollars a year, with several lawsuits already filed and more potentially on the way.
Hydraulic fracturing, or “fracking,” is a process by which rock is fractured by injecting hydraulically pressurized sand and other chemicals suspended in water into the deep-rock formations where resources like natural gas and petroleum are found. The technique has been around since the 1950s, but recent advances have made it possible to access resources that were previously not commercially viable.
Fracking has led to a massive increase in Texas’ energy production, with the state contributing heavily to the United States becoming the world’s largest natural gas producer in 2010 and even beating Saudi Arabia to become the world’s largest producer of petroleum this year. According a report released this week by the Congressional Budget Office, fracking has increased the United States’ gross domestic product, reduced energy prices for consumers, and increased tax revenues. The budget surpluses that Texas has enjoyed the past few years are due in no small part to the exponential increases in tax revenues from the state’s energy sector. However, fracking is not without its critics and opponents cite concerns over the chemicals used in the process, the noise generated, and other environmental issues.”
Rumpf, Sarah. Breitbart News 16 December 2014.