U.S. Chamber of Commerce Imagines What Economy Would Look Like if Shale Boom Hadn't Happened
The U.S. economy would be "much weaker" if the energy renaissance had not occurred, the U.S. Chamber of Commerce said in a report outlining the jobs and financial gains resulting from unconventional drilling. Researchers also highlighted some of the biggest benefactors: Ohio, Pennsylvania, Texas and Wisconsin.
The report, "What if America's Energy Renaissance Had Not Actually Happened?" is the second in a series by the Chamber's Institute for 21st Century Energy. Researchers compiled data from 2009 through 2015 to imagine the U.S. economy minus the plethora of oil and natural gas reserves uncovered in shale, sand and other formations now being tapped by hydraulic fracturing and horizontal drilling.
"The 'Keep It in the Ground' movement completely ignores the vast benefits to our nation's economy that the energy renaissance has brought to us," Institute CEO Karen Harbert said. "For instance, lower electricity and fuel prices spurred a comeback in manufacturing that alone is responsible for nearly 400,000 jobs. It costs consumers less to drive a car and heat their homes today. And all the while, our nation has been decreasing its energy imports and lowering emissions."
Because of the energy renaissance, U.S. natural gas import levels have declined by 73%, while oil imports have fallen by 62%, the researchers said.The whole article is available by clicking here.
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