Developing oil and natural gas from shale in the United States has brought with it many significant benefits, ranging from cleaner air to reduced reliance on imported energy. But the true story of shale is the economic hope it’s delivering to American families across the country.
According to a recent study by IHS-CERA, the full value chain from shale development supported more than two million American jobs and generated $75 billion in federal and state tax revenues. By 2020, total jobs linked to shale will grow to 3.3 million, and the total impact on U.S. gross domestic product will be nearly half a trillion dollars.
Additionally, manufacturing is coming back to the United States thanks to affordable and abundant supplies of natural gas, unlocked from shale formations by proven technologies like hydraulic fracturing and horizontal drilling. Chemicals and plastics manufacturers use natural gas as a feedstock to make their products, while steel producers seek low-cost energy to power their facilities. Since energy can account for 20 percent or more of a manufacturer’s total costs, low-cost natural gas has made the United States one of the most competitive regions in the world for new investment.
In EID’s newest video, we take a look at the important role that natural gas plays in our growing economy, and how this clean-burning energy resource will fuel additional growth well into the future.