Growth in unconventional oil and natural gas activity is transforming America’s energy future and strengthening its overall economy in terms of jobs, government revenues, and gross domestic product, according to a recent report from IHS.
The report, entitled “America’s New Energy Future: The Unconventional Oil & Gas Revolution & the US Economy, Vol. 3,” extends on the initial analysis to include the full value-chain associated with the unconventional revolution: from drilling and refining to petrochemical supplies and manufacturing.
According to the report:
- Unconventional oil and gas and energy-related chemicals activity currently support 2.1 million jobs and will support more than 3.3 million jobs by 2020 and 3.9 million jobs by 2025.
- The contribution to GDP from unconventional oil and gas and energy-related chemicals activity totaled nearly $284 billion in 2012, rising to $468 billion in 2020 and $533 billion by 2025.
- Unconventional energy increased US household disposable income by $1,200 in 2012, approaching $2,000 in 2015 and $3,500 in 2025, due to reduced costs of energy and other goods and services.