From Investors Business Daily. Before you read the article, you should know that “fracking” is short for hydraulic fracturing. This is a technique for extracting shale oil by creating fractures in rocks.

Excerpt:

Whether naturally occurring or not, environmentalists claim that fracking would release huge amounts of what they consider the most potent heat-trapping greenhouse gas, far outweighing the value of producing huge quantities of clean-burning natural gas.

Now comes a study, conducted by scientists at the University of Texas and published in the Proceedings of the National Academy of Sciences — and co-financed by one of the highest-profile environmentalists in the country — that shows much smaller amounts of methane emissions associated with fracking, far less than environmentalists and the Environmental Protection Agency have contended.

[…]The study, billed as the first to measure the actual emissions of methane from natural gas wells, finds these emissions were, in some cases, only about 2% of the most recent national estimate by the EPA in 2011. An upcoming EPA rule, effective January 2015, requires all methane to be captured when liquids are removed after drilling.

Seen by many as an attempt to stop fracking, which has boosted the economy through its ability to tap previously inaccessible oil and gas riches, the rule might be redundant. Two-thirds of the wells studied already were capturing or controlling the methane to reduce emissions.

“For those wells with methane capture or control, 99% of the potential emissions were captured or controlled,” the study notes.

This proves once again there is no problem technology can’t solve and that when decisions are made based on technology, rather than ideology, good things happen.

An interesting aspect of the study is that it was funded in part by Tom Steyer, a billionaire environmentalist who has become highly active in national politics in the past year, backing environmentalist Democrats such as Massachusetts Sen. Ed Markey and Virginia gubernatorial candidate Terry McAuliffe.

Steyer’s support for the University of Texas came by way of the Environmental Defense Fund, which helped finance the study. He and his wife Kat Taylor are listed among individuals who provided “major funding for the EDF’s 30-month methane research series, including their portion of the University of Texas study.”

[…]Thanks in large part to fracking, energy-related carbon dioxide emissions in 2012 were the lowest in the U.S. since 1994, at 5.3 billion metric tons. With the exception of 2010, emissions have declined every year since 2007.

Back in May 2013, Associated Press reported that the EPA had already lowered their estimates before this study completed.

Excerpt:

The new EPA data is “kind of an earthquake” in the debate over drilling, said Michael Shellenberger, the president of the Breakthrough Institute, an environmental group based in Oakland, Calif. “This is great news for anybody concerned about the climate and strong proof that existing technologies can be deployed to reduce methane leaks.”

The scope of the EPA’s revision was vast. In a mid-April report on greenhouse emissions, the agency now says that tighter pollution controls instituted by the industry resulted in an average annual decrease of 41.6 million metric tons of methane emissions from 1990 through 2010, or more than 850 million metric tons overall. That’s about a 20 percent reduction from previous estimates. The agency converts the methane emissions into their equivalent in carbon dioxide, following standard scientific practice.

So there’s no harm to the environment, but about the economics benefits of fracking? Well, when states have embraced fracking, their economies have greatly benefited.

Here’s what happened when North Dakota lowered its regulatory barriers to energy development.

This:

North Dakota had the highest payroll-to-population rate (P2P) and the lowest underemployment rate in 2012, thanks mostly to the state’s booming oil & gas industry.

According to Gallup’s “State of the States” analysis released today, North Dakota ranked number one among the lower 48 states, with a payroll to population rate of 53.6 percent.

Gallup said it measured each state’s P2P rate by the percentage of the adult population aged 18 and older employed full-time by an employer for at least 30 hours per week.

The analysis noted that the numbers are not seasonably adjusted and variations across states reflect a number of factors, including the overall employment situation for each state as well as the demographic composition of that state’s population. P2P rates in Alaska, Hawaii, and the District of Columbia were not considered in the analysis.

Factoring in the most recent unemployment data is key to the Gallup analysis. North Dakota reported just a 3.2 percent unemployment rate, well below the national average unemployment rate of 7.9 percent, according to the U.S. Bureau of Labor Statistics.

The number one ranking should not come as much of a surprise given the Peace Garden state’s rise in oil and gas production and the subsequent rise in jobs over the past few years.

According to North Dakota Jobs Service data from 2011, the most recent available, the number of oil and gas jobs in North Dakota has risen 57.5 percent since 2010 – going from 10,660 jobs in 2010 to 16,786 jobs in 2011, with the oil and gas payroll nearly doubling — going from $852 million in 2010 up to $1.5 billion in 2011.

North Dakota now produces more oil than any other state, including Alaska, which ranked number one in 2011, according to the U.S. Energy Information Administration.

In New York, Chesapeake Energy just decided to pull up stakes and leave the state.

Excerpt:

After more than five years of a fracking moratorium, a leading energy company walks away from its leases, leaving New York, its natural gas riches — and the jobs and wealth they could generate — unrealized.

In 2000, people from Chesapeake Energy began arriving in Broome County, New York, a few miles north of the Pennsylvania border. Broome had seen better economic days but was lucky to be sitting right atop the natural gas-rich Marcellus Shale formation, which stretches through much of the Northeast.

[…]Interestingly, New York’s very own Department of Environmental Conservation website on Marcellus drilling says, “No known instances of groundwater contamination have occurred from previous horizontal drilling or hydraulic fracturing projects in New York.”

A recent Department of Energy study has concluded that fracking chemicals do not taint drinking water.

After a year of monitoring wells in western Pennsylvania, researchers found these fluids stayed thousands of feet below the areas that supply drinking water.

A 2010 Pennsylvania Department of Environmental Protection report concluded that “no groundwater pollution or disruption of underground sources of drinking water have been attributed to hydraulic fracturing of deep gas formations.”

But Pennsylvania allows fracking, and they are seeing the same economic boom as North Dakota:

A recent study by the Manhattan Institute highlighted the economic impact of fracking in New York’s neighbor to the south, Pennsylvania, which has had 5,000 wells fracked since 2002.

The data are compelling, as counties with more than 200 wells, drilled between 2007 and 2011, saw a 19% increase in per-capita incomes, versus just 8% income growth for those with no wells fracked.

Further, the number of county jobs grew by 7% in those with more than 200 wells fracked, against a 3% contraction in counties with no wells drilled.

According to the Manhattan Institute’s Diana Furchtgott-Roth, “Income of residents in the 28 New York counties above the Marcellus Shale has the potential to expand by 15% or more over the next four years if the state’s moratorium is lifted.”

In Pennsylvania, according to the report, each well in the Marcellus Shale formation creates $5.5 million in direct economic benefits and 62 jobs, and the wells endanger no one. Pennsylvania’s Department of Labor and Industry estimates that fracking in its part of the Marcellus created 72,000 jobs from the fourth quarter of 2009 to the first quarter of 2011, as New York’s job- and growth-killing moratorium got underway.

Now tell me again why progressives are supposedly smarter than conservatives.