From the Ohio Petroleum Council on Wednesday:
WASHINGTON, September 4, 2013 – A new study illustrates the far-reaching economic contributions of unconventional oil and natural gas development, particularly in the manufacturing sector, says API Vice President for Policy and Economic Analysis Kyle Isakower.
“The oil and natural gas revolution has created millions of jobs, and this study shows the broader economic benefits are being felt by households and manufacturers across the U.S.,” said Isakower. “Oil and natural gas have been pillars of the recovery, and other sectors are now coming back stronger and faster because of affordable and abundant energy and raw materials -- despite economic headwinds. As a result, Americans have more income, more buying power, and a more competitive economy.”
The study by IHS Global Insight, “America’s New Energy Future: The Unconventional Oil and Gas Revolution and the Economy – Volume 3: A Manufacturing Renaissance,” expands on IHS’s earlier research into unconventional oil and natural gas -- resources generally unlocked from shale deposits and other tight formations using hydraulic fracturing and horizontal drilling. The latest report outlines the full chain of economic activity resulting from unconventional development, from drilling and refining to petrochemical supplies and manufacturing. According the study, the full unconventional value chain supported 2.1 million jobs last year, and is projected to support 3.9 million jobs by 2025, including 515,000 manufacturing jobs.
“Unconventional energy has been a remarkable economic stimulus with implications far beyond oil and natural gas producing states,” said Isakower. “New supplies are changing the game for businesses that use or make energy-intensive products including chemicals, aluminum, steel, cement, and foodstuff. But to unlock our full manufacturing potential, those in Washington must turn aside efforts that would impose duplicative regulations on shale development, raise production costs, and limit access to domestic resources.”
According to the study, unconventional oil and gas will steadily increase U.S. competitiveness, contributing $180 billion to the U.S. trade balance by 2022. In addition, unconventional energy:
API is a national trade association that represents all segments of America’s technology-driven oil and natural gas industry. Its more than 550 members – including large integrated companies, exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms – provide most of the nation’s energy. The industry also supports 9.8 million U.S. jobs and 8 percent of the U.S. economy, delivers $85 million a day in revenue to our government, and, since 2000, has invested over $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.
Chesapeake Energy Corp,the Oklahoma-based firm is the No. 1 driller in Ohio.
Rig Count Interactive Map by Baker Hughes, an energy services company.
Shale Sheet Fracking, a Youngstown Vindicator blog.
The Ohio Environmental Council, a statewide eco-group based in Columbus.
Earthjustice, a national eco-group.
People's Oil and Gas Collaborative-Ohio, a grass-roots group in Northeast Ohio.
Concerned Citizens of Medina County, a grass-roots group.
No Frack Ohio, a Columbus-based grass-roots group.
Fracking: Gas Drilling's Environmental Threat by ProPublica, an online journalism site.
Pipeline, blog from Pittsburgh Post-Gazette on Marcellus shale drilling.
Allegheny Front, environmental public radio for Western Pennsylvania.