Economy Government and Policy - Literature review Example

Economy Government and Policy Introduction When the conceptualisation of fracking and horizontal drillingbecame evident in North Dakota, in the underground Bakken shale, then it was something only comparable to the gold rush situation (Duckett, p 3, 2014). The effect was a major shift in the very remarkably significant facilitator of the world economies, which is the energy industry. The core consequence of the fracking boom is the evident growth in the oil production levels. Notably, within the past decade, the amount of oil production and its rate increased significantly, evident from the small town camps sprouting alongside many of the field workers concentration locations. Additionally, the effect of the fracking boom also entails both economic concepts and the environmental impact, which all constitute the platform for many countries to engage accordingly in ensuring their stability and the economic success of this consequential effect of the oil and gas industry. A notable impact to the economic concept is its boost into the economy through the dropping effect of oil and gas prices. The drop in costs of the fuel means the industry is at liberty to produce more while transport becomes another cheap and supporting aspect of the business. These evident developments constitute the core establishments of gains from the economic perspective. Further, an additional notable economic aspect is that the fracking boom factors the costs of living for many people, a factor which is leading to urbanisation (Jones, Hillier & Comfort, p 387, 2013). Nonetheless, various governments including the UK continue to remain actively involved in UN discussions regarding the concept of the environment entailed in the fracking boom. The recent findings on the concept of fracking reflect unlikely and worrying trends as questions continue to cast doubt regarding the sustainability of the environment. The issue of pollution from increased releases of carbon and carbon substances is a notable impact on the concept of environmental awareness (Deller & Schreiber, p 127, 2014). Therefore, the course of the research entity ought to engage accordingly n reviewing and managing the pollution effect on the environment, which remains the worrying effect of the fracking boom. Thus, in addressing the topic on the fracking boom, both factors of economic boost as well as the environment worries continue to reflect accordingly. Current and local situation The advent of the fracking boom marked another era of worrying developments whose significant course may impair a great deal of the economic and environmental capacities to foresee. Consequently, much as the fracking boom seems viable and notably significant concept of development, and the UK government focuses accordingly on the issue from the impact perspective. The action entails where the leaders engage to develop regulatory measures in the House of Lords economic affairs committee, to engage accordingly on this issue appearing scandalous (United Kingdom: Oil & Gas Report, p 34, 2014). The carbon fuels bonanza creates a profound basis for the argument for the protection of the environment (Deller & Schreiber, p 127, 2014). Therefore, the UK government is engaging accordingly in the facilitation of key policy and measures to legislate and legally control the fracking boom and its effect in the local setting. The UK announced from its legislators that it would support measures to curb the fracking capacity and engage actively in managing the challenges entailed in this fracking boom. Similarly, as the ground for regulation and management of the economic affairs of UK got underway in may 2014, the UK realised that indeed fracking boom is an urgent priority in the context of the entities and effects encompassed in the successful exploitation. The substantial consideration of the benefits, as well as impacts of the same, would remain key in the discussion regarding the policy formulation for the occurrences entailed in the rising fracking boom. The UK government did observe that indeed, regulating and managing the energy industry accordingly would effectively result in lower risks to the public health in England. Further, the government also observed the key gains with respect to financial and population upward growth, which would effectively reflect in the entire nation in its capacity to run colossal developments (Jones, Hillier & Comfort, p 390, 2013). The hype entailed in the conceptualisation of the fracking boom showed its impact on the capacity of the legislators in managing the course of the discussion and regulation of the industry accordingly. The effect is that critics of the Lords and Public Health are downplaying the evidence of the risks entailed in liberating the various developments, which in effect impair the capacity and reputation of the country. The regulation borders on environmental impact, as well as, the eventual outcome of the fracking boom in the long run. The availability of technology is a powerful tool in the UK and regulation through the platform of technology would also facilitate in various uncertainties entailed in the risks for the fracking boom development. The regulation thus focuses on the health factor, noting the health risks as the excessive consumption of carbon fuels is a hazardous health and environmental risk. Further, occupational risks constitute another aspect of the regulation the UK is undertaking, as the government observes the significant impact of over-exposure to the vast range of toxic and carcinogenic substances (United Kingdom: Oil & Gas Report, p 46, 2014). The evidence of the workplace related issues provides the key basis of the debate towards the regulation of the fracking conceptualisation. The legislation factors the national safety of the employees as well as stakeholders security from the international platform. The UK regulation on the issue projects the future impact when the OPEC related concerns begin to gain root, as well as, what would happen when the fracking boom declines. All these consequential political and regulatory matter reflect as important in view of the UK legislation and as such, the House of Lords continues to work intensely towards facilitating the regulation mechanisms. Evaluation In observing the contextual development of the subject of the fracking boom and its impact on the UK platform, it is essential to factor the environmental and economic concerns entailed. From the perspective of many of the developments, a key concern remains regarding the success of engaging the mining industry with essential regulation on the key activities entailed in the trade of the crucial entity of economic growth. Energy provision and its affordability are the core objective of the development of the fracking boom (Negro, p 729, 2014). However, the concern on the environmental formulations remains the major point of opposition to the active engagement of the subject in question. The UK government faces a remarkably challenging period as it observes the positive economic boost entailed in the current fracking boom. For instance, the evidence of growth begins from the job creation and opportunities that arise from the effect of the fracking boom (Negro, p 736, 2014). More people have access to the environment since development is growing, and industrialisation is expanding, creating space for the employment of more citizens. Additionally, the effect is reducing the costs of living, including the price of basic commodities, which makes many of the UK citizens to welcome the fracking boom accordingly (United Kingdom: Oil & Gas Report, p 56, 2014). Thus, the fracking boom in this concept is a remarkable development in support of the economic development entailed in the context of UK. However, the concerns about the environmental aspect of other negative issues impair the conceptual adoption of many of the fracking boom provisions. For instance, since the discovery of North Sea oil, the UK faces concern over the subject of waste disposal and environmental pollution, which are key health concerns. Public health remains a core sector in the country and managing this sector requires strict adherence to environmental regulations and guidelines (Negro, p 741, 2014). For instance, it is notable that the Lords recently approved amendments that would change the infrastructure bill to allow fracking companies to extract h gas and oil from underneath houses of people. However, the safety concern about the possibility of fracturing and collapsing the homes of the people caused remarkable public resistance, reflecting the insensitive attitude entailed in the fracking boom, which is affecting the course of managing the safety, environmental and health implications. Currently, there are over 170 anti-racking community groups in UK actively resisting the developments of the industry, which is evidence of the negative impacts envisioned in the industry (United Kingdom: Oil & Gas Report, p 116, 2014). Thus, in view of these developments, the UK is keen in instituting measures accordingly in favor of the fracking boom while risking the negative impacts that it inflicts on the environment and its population. Further, the concern also factors OPEC and its contribution to the fracking boom accordingly. OPEC members in this course to secure the costs of fuel and manage the supply of the commodity are engaging discussions with various members in opposition to the recent oil price falls. The insistent argument basis that the sustainability of the commodity may not hold in future, a factor that would eventually lead to an increased composition of fuel prices again (Negro, p 743, 2014). Further, in the course of extracting the shell, the various entities entailed ought to engage responsibly to avert consequences to the environment and health and safety of the various citizens. The changing climate also constitutes another element as declining fossil fuel will impact the market accordingly. Climate Capitalism is a core issue entailed in OPEC concern for the sustainability of the fracking boom, and as such, the inspiration for engaging, positive measures remains on the high. Conclusion In the context of the evidence on the impact of the fracking boom on the economic conceptualisation of UK as well as the environmental concerns and public health, the course of action needs to review the recent policy discussions. The world economy is shifting from energy-based capitalism to climate-based capitalism, and as such, the UK ought to engage its establishment in the observance of possible future implications of its decisions today (Duckett, p 3, 2014). The future holds varied uncertainties, and the UK government regulation and policy formulation should engage accordingly in establishing regulatory policies that given the fracking boom. References Deller, S, & Schreiber, A 2014, Mining and Community Economic Growth, Review Of Regional Studies, 42, 2, pp. 121-141, Academic Search Premier, EBSCOhost, viewed 8 April 2015. Duckett, A 2014, Fracking boom -- or busted flush?, TCE: The Chemical Engineer, 865, p. 3, Academic Search Premier, EBSCOhost, viewed 8 April 2015. Jones, P, Hillier, D, & Comfort, D 2013, Fracking and public relations: rehearsing the arguments and making the case, Journal Of Public Affairs (14723891), 13, 4, pp. 384-390, Academic Search Premier, EBSCOhost, viewed 8 April 2015. Negro, SE 2014, The Thirst Of Fracking: Regulating To Protect The Linchpin Of The Natural Gas Boom,Albany Law Review, 77, 2, pp. 725-752, Academic Search Premier, EBSCOhost, viewed 8 April 2015. United Kingdom: Oil & Gas Report 2014, United Kingdom Oil & Gas Report, 4, pp. 1-194, Business Source Complete, EBSCOhost, viewed 8 April 2015. Read More