“The direct benefit of increasing oil and gas production includes the value of increased
production attributable to the technology. In 2011, the USA produced 8,500,983 million cubic
feet of natural gas from shale gas wells. Taking an average price of $4.24 per thousand cubic feet,
*Nearly $1.9 trillion in shale gas capital investments are expected between 2010 and 2035.
*Capital expenditures are especially strong in the near future, growing from $33 billion in
2010 to $48 billion by 2015.
*In 2010 shale gas production contributed $18.6 billion in federal, state and
local government tax and federal royalty revenues. By 2035, these receipts will
more than triple to just over $57 billion. On a cumulative basis, the shale
industry will generate more than $933 billion in federal, state, and local tax
and royalty revenues over the next 25 years.
*The shale gas contribution to GDP was more than $76 billion in 2010. This will
increase to $118 billion by 2015 and will triple to $231 billion in 2035.
*The full-cycle cost of shale gas produced from wells drilled in 2011 is 40-50%
less than the cost of gas from conventional wells drilled in 2011.
*Without shale gas production, reliance on high levels of liquefied natural gas
(LNG) imports would influence US natural gas prices, causing them to increase by
at least 100%.
*The lower natural gas prices achieved with shale gas production will result in an
average reduction of 10% in electricity costs nationwide over the forecast period.
*By 2017, lower prices will result in an initial impact of 2.9% higher industrial
production. By 2035, industrial production will be 4.7% higher.
*Chemicals production in particular stands to benefit from an extended period of
low natural gas prices, as it uses natural gas as a fuel source and feedstock.
Chemicals producers have already signaled their intentions to increase US capacity.
*Savings from lower gas prices will add an annual average of $926 per year
in disposable household income between 2012 and 2015. In 2035, this would increase
to just over $2,000 per household.
“Shale gas exploration and production has the potential to create thousands of jobs. In the
United States, about 600,000 people are employed in the shale gas industry. This is expected
to rise to 870,000 by 2035. In the UK alone, Cuadrilla Resources projects that its production
operations in Bowland Shale, Lancashire, would create 5,600 jobs. At the national level, shale
gas development could generate as many as 74,000 jobs, with £3.7 billion of investment per
year, according to a recent report by the Institute of Directors.” -shalegas-europe.eu
the fourth largest oil-producing state in the United States. If current projections hold true,
we could soon surpass California and Alaska to become the second largest oil and gas producing
Today, North Dakota has the lowest unemployment rate in the nation. It has become a magnet for
workers from other states and has a fiscal surplus that makes funds available for many other
purposes. Jobs in the oil industry create spending power and generate the need for services of
many other kinds. Thus, many more jobs are created – a multiple of those in the oil industry
This remarkable development in North Dakota has occurred due to technological breakthroughs in
“tight oil”, which allow oil to be extracted from very dense rock. Until a few years ago such
extraction was not considered economically feasible. Today, hydraulic fracturing and
directional drilling allow the production of more oil with a smaller environmental footprint
than ever. This breakthrough did not occur in a vacuum; it occurred in the context of
thoughtful and comprehensive public policy.
In North Dakota, where I served as governor for a decade, we have worked very hard to grow and
diversify our economy, raise the standard of living for our citizens and create a better life
for future generations. To achieve this, a decade ago we developed a long-range strategic plan
that identified key industries where North Dakota holds a natural advantage. We chose to
develop energy because North Dakota has it all – coal, wind, biofuels, biomass, hydro, oil and
Through our state’s comprehensive energy plan, Empower ND, we created a business climate that
would offer incentives to energy companies, both renewable and traditional, to invest in our
state. We created the kind of legal, tax and regulatory certainty that would attract capital,
technical expertise, innovation and most importantly, jobs to North Dakota. ”
SHALE GAS ECONOMIC BENEFITS
http://reports.weforum.org/energy-for-economic-growth-energy-vision-update-2012/ (Energy for Economic Growth)
http://anga.us/issues-and-policy/jobs/us-shale-gas-benefits (America’s Natural Gas Alliance)
http://business.financialpost.com/2013/05/14/shale_gas_oil_fracking/ (Economic boom overrated)
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