CHICAGO – Railroad Commissioner Christi Craddick spoke today on an energy panel about the importance of hydraulic fracturing technology during the American Legislative Exchange Council (ALEC) 40th Annual Meeting in Chicago. ALEC works to advance the principles of free-market enterprise, limited government, and federalism at the state level through a partnership of America’s state legislators, members of the private sector and the general public.

Commissioner Craddick said, “While the energy industry method of hydraulic fracturing, or fracking, has been a common industry practice in Texas since 1949, we are in the midst of an energy transformation in the way that we produce energy in this country—safely, responsibly and affordably through the use of proven technologies that continuously advance each year, namely fracking. As this technology evolves within the industry, state regulators are working to strengthen regulatory oversight to tighten well construction and waste disposal standards and also require disclosure of fracking fluid components.

“An estimated 60 percent of all wells drilled worldwide are hydraulically fractured, and fracking is estimated to be used in about 80 percent of new wells completed in Texas today,” Craddick said. “Texas is the 14th largest oil producer in the world, producing an average of 1.6 million barrels per day and accounting for 30 percent of total U.S. oil. This energy revolution has created hundreds of thousands of well-paying American jobs, has strengthened the American economy, and has placed us in a position to realistically achieve energy independence by the year 2020. This immense growth can only be attributed to fracking.

“If production numbers, economic value and job growth are not enough, the Saudi Prince Alwaleed bin Talal wrote in concern to Saudi government leaders last week cautioning them that fracking in America will reduce American dependency on Saudi oil,” Craddick said. “For almost 50 years, OPEC has manipulated oil markets, holding the United States captive to their supply-and price-setting whims. Thanks to fracking technology, America is moving closer to fulfilling its energy needs domestically.”