Energy Stimulus: Shale Gas Saved Consumers $250 Billion and Created Thousands of Shovel-Ready Jobs
The American Gas Association has just released a study titled "Identifying Key Economic Impacts of Recent Increases in U.S. Natural Gas Production." Parts of the Executive Summary and Conclusion appears below.
Executive Summary: The recent success of shale gas and oil production in the United States coupled with only modest demand growth has resulted in measurable declines in domestic natural gas prices, which has benefited both gas customers as well as the overall economy. Lower natural gas commodity prices have in part:
- Led to savings of almost $250 billion for end-use natural gas customers over the past three years (see chart above)
- Provided a typical residential customer more than $175 in savings during 2010 alone
- Helped the average commercial customer to save more than $1,100 in their 2010 annual bill
- Contributed to the creation of 334,000 jobs in natural gas dependent industries during the past two years
- Contributed to an analytical vision that the shale gas revolution may be responsible for bringing a million new manufacturing jobs to this country by 2025
- Pointed to production activities of oil and gas in the United States that were responsible for nine percent of new U. S. jobs growth in 2011.
Lower natural gas prices have also helped create jobs during one of the worst recessions on
- Job creation directly tied to energy extraction and delivery accounted for about 150,000 new jobs in 2011
- Expansion of natural gas-dependent industries could lead to an additional one million manufacturing jobs by 2025