Dear Texas Chamber Friends,
While many Americans are just beginning to learn about this “shale revolution” in energy, the beneficial impacts have been growing, and look to expand exponentially in the coming years.
The Institute for 21st Century Energy at the U.S. Chamber of Commerce has partnered with other associations and IHS-CERA, a leading independent global energy consulting firm, to quantify the existing and expected economic and energy security impacts. The resulting report, America’s New Energy Future: The Unconventional Oil & Gas Revolution and the U.S. Economy, is the first-ever attempt to examine the shale revolution across the entire country and provide concrete national metrics to help Americans begin to understand how large this revolution is…and will be.
The report’s numbers are staggering…
EMPLOYMENT
o Shale energy development has created 1.75 million jobs over the past few years alone, and is expected to account for 2.5 million jobs in 2015, 3 million jobs in 2020, and 3.5 million jobs in 2035.
o Shale energy workers are making 50% more than national average
TAX REVENUE
o Between now and 2035, shale energy development is expected to contribute more than $2.5 trillion in government revenues (more than half of which at the state and local levels), with $62 billion in 2012 alone.
ECONOMIC GROWTH & INVESTMENT
o Between now and 2035, $5.1 trillion is expected to be invested in shale energy development; with $87 billion in 2012 alone.
o This investment will contribute $238 billion to the U.S. economy in 2012, accounting for nearly 2% of GDP over the next 3 years.
ENERGY SECURITY
o Shale oil production has been the primary driver behind the 25% increase in domestic oil production in the last 4 years. In 2015 oil production is expected to increase 46% over 2008, predominantly because of the shale energy revolution, and a 68% increase by 2020.
o Net oil imports are expected to decrease 60% by 2020, reducing America’s imported oil bill by $200 billion.
Please visit http://www.energyxxi.org/shale for more information on the report and the shale campaign.
