According to data
released recently by the Energy Information Administration, U.S. natural gas production set a new monthly record in March of 2.4 trillion cubic feet (see chart above). This production record is another new milestone for the ongoing success of the hydraulic fracturing method of extracting natural gas from deep shale rock that is bringing about a new age of energy abundance in the United States.
The booming natural gas production is also helping to create thousands of new jobs for Americans in a very tough job market. More than 34,000 drilling-related jobs were added over the past year in Pennsylvania—that’s almost a hundred new jobs every day in just one state and demonstrating that drill, drill, drill = jobs, jobs, jobs
Another benefit of the record production of natural gas in America is that inflation-adjusted gas prices for commercial users are lower this year than in any year since 2002, and are about 50 percent below the peak highs in 2005 and 2008 (see chart, data here
). Affordable energy costs are a key factor in helping America’s manufacturing sector survive and thrive in a very competitive world marketplace, and the natural gas boom can play an important role here.