Is earth science extremely important to the well being of modern socienty?

You have asked a question where the answer is the whole planet and all possible opinions about it. Earth science means where to look for oil, and oil is what got spilled into the Gulf of Mexico a couple years ago. Society is all the people who need gas for their cars and also all the people who want to wander on clean beaches and so on. So you really need to focus your question a little more to where you get a meaningful answer.