New Data Showing Ample and Affordable Shale Gas and Unconventional Oil
The ACC has announced the release of the IHS Global Insight study, which has found that state economies across the nation will have access to ample and affordable supplies of shale gas and unconventional oil.
The American Chemistry Committee (ACC) welcomes the new IHS Global Insight study that has found that state economies across the U.S. will acquire large economic benefits from bountiful and inexpensive supplies of natural gas from shale.
“The IHS study demonstrates the breadth and scope of the shale gas revolution and pinpoints the way unconventional supplies of domestically produced energy have ignited an unprecedented economic revival across America expected to last at least until 2035. Contrary to conventional wisdom, the 16 energy-producing states are not the only ones well-positioned to capitalize on the energy revolution. In 32 other states, natural gas from shale is creating jobs, driving economic growth and generating much needed revenue,” said ACC president and CEO Cal Dooley.
Activities related to unconventional natural gas and oil will add more than $416 billion to the U.S. gross domestic product by 2020, a tally that includes approximately $332 billion from producing states and almost $85 billion from non-producing states, the study said. On a cumulative basis, unconventional oil and natural gas activity between 2012 and 2035 will generate more than $2.5 trillion in federal, state and local tax revenues, according to the study.
“The data in this study promises a bright future for all states. However, these projections of the enormous economic benefits of natural gas from shale emphasize the importance of allowing the states to determine sound regulatory policies that will ensure the robust production of unconventional energy supplies driving the economic growth engine,” Dooley said.
Chemical manufacturers have already announced 50 new chemical projects to take advantage of new supplies of natural gas. A recent ACC study found that the expected increase in natural gas production is revitalizing the chemical industry and could create 1.2 million new jobs across a broad sector of industries in the United States.