According to a new study from IHS Global Insight, U.S. shale gas production supported more than 600,000 jobs in 2010, and that number is expected to grow to nearly 870,000 by 2015. At that time, the shale gas industry will contribute almost $120 billion to the U.S. gross domestic product.
The study, ‘The Economic and Employment Contributions of Shale Gas in the United States,’ tracks the long-term economic impact of U.S. shale gas production, in terms of jobs, economic value and government revenues through 2035. It concludes that shale gas represented 27% of U.S. natural gas production in 2010, and will increase to a share of 60% by 2035.
‘The rapid growth in shale gas production – currently 34 percent of total U.S. production – is one of the most significant energy developments in recent decades and is having a significant impact on the nation's economy in terms of stimulating job creation and economic growth,’ says John Larson, vice president of IHS and the lead author of the study.
The report finds that as recently as 2007, it was believed that the U.S. would soon need to import large volumes of liquefied natural gas for domestic consumption. However, shale gas production has more than doubled the size of the discovered natural gas resource in North America – enough to satisfy more than 100 years of consumption at current rates, the company says.
The complete report can be found HERE.