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How Hillary Clinton's Support of Fracking Revolution Spelt Doom for the Nigerian Economy

Hillary Clinton's support of fracking - a technique in which rock is fractured by pressurised liquid in deep rock formation to enhance free flow of petroleum - and other trade policies have become leverage of a backlash by the Republicans. 

Sen. Bernie Sanders, in an interview with NBC's "Meet the Press", stated that Mrs Clinton's votes in favour of "virtually" every trade agreement had cost most Americans millions of jobs. He also stated that Clinton's continued support of fracking despite its environmental implications meant that she would emerge the kind of president Americans never wanted. Sanders was of the view that 'hydraulic fracturing' pollutes fresh water and the environment in its entirety. Although his claim may be a subject of debate especially in view of the relative gains of fracking compared with the inherent environmental hazards. 

Contrary to Mr Sanders' perception, Catherine Hausman and Ryan Kellog disclosed in their research work "Welfare and Distrubutional Implications of Shale Gas", that shale oil fracking increased US oil production by 50 per cent from 2007 to 2013 which was enabled by same technological improvements driving the natural gas boom. "Oil price fell dramatically in 2014: from around $100 per barrel in Q1 and Q2 to around $50 per barrel by the start of 2015", the scholars stated.

Meanwhile, the fracking revolution policy backed by Hillary Clinton dealt a devastating blow to the Nigerian economy given that the "world oil market is largely integrated" and oil exports remained the backbone of Nigerian economy. The report by Hausman and Kellog revealed that, without doubt, the Hillary Clinton's backed fracking policy was the remote cause of  crash of global price of crude oil which is presently the bane of the Nigerian economy due to paucity of funds to execute government policies and programmes. Fracking had advertently increased the supply of crude oil to the world oil market forcing a downturn of crude oil price.  

Lately, President Buhari, back from a-10-day medical leave in the UK, lamented that it is disgraceful that 27 states of the federation are unable to pay workers' salary despite the provision of bail out funds by FG to these states. It is even worse as most people, especially those employed by financial firms, are losing their jobs on daily basis. 

No doubt government effort to improve the economy has been pegged back by dwindling revenue due to the price melt down in the global oil sector, thus, the government of the day is now tasked to diversify the economy. 

Would you blame Hillary Clinton and the US government for deliberately crashing the price of crude oil in favour of Americans who are arguably the major buyers of the product? Absolutely not. But the fracking policy backed by Hillary Clinton obviously spelt doom for the Nigerian economy.


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