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Finalizing North Carolina Hydraulic Fracturing Regulations Sets Stage

Source: www.gulfoilandgas.com 3/17/2015, Location: North America

North Carolina Petroleum Council (NCPC) Executive Director David McGowan said that today’s enactment of state regulations governing hydraulic fracturing in North Carolina presents a unique opportunity to create well-paying jobs for North Carolinians and bring additional revenue to the state’s economy.

“After a robust state study of shale energy issues, active public input, and thorough deliberation over rigorous regulations, North Carolina is on a solid path to revitalize its economy,” said McGowan. “State regulations of hydraulic fracturing have been in place for a long time in addition to well-established industry standards to protect the environment and workers.”

The technology of hydraulic fracturing combined with horizontal drilling has safely unlocked vast reserves across the United States and has driven state economies and made the U.S. an energy superpower. The U.S. is now the number one producer of oil and natural gas in the world. Hydraulic fracturing has been in practice for more than 65 years and has been used in more than 1 million wells in the United States.

“Energy is essential for economic growth and job creation,” said McGowan. “Today’s announcement is a win for the people of North Carolina, putting the state on the cutting edge of energy production in America.”

A recent survey of state-by-state activity found that the oil and natural gas industry works with more than 130 companies throughout North Carolina, already supports more than 146,000 jobs in the state, and brings $12.5 billion in revenue to the state.

The NCPC is a division of API, which represents all segments of America’s oil and natural gas industry. Its more than 625 members produce, process, and distribute most of the nation’s energy. The industry also supports 9.8 million U.S. jobs and 8 percent of the U.S. economy.

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