IHS projects large future state benefits from shale revolution

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Jan 11, 2013, 11:43 ET

WASHINGTON, Jan. 11, 2013 /PRNewswire-USNewswire/ -- API Vice President for Policy and Economic Analysis Kyle Isakower told reporters this morning that an IHS study shows that future unconventional oil and natural gas development will generate large numbers of jobs and new revenue for government in nearly every state:

"Shale energy development has transformed the U.S. energy sector and been one of the few bright lights in our nation's recovering economy. And it's poised to do much more. The positive impacts are being realized in states with little or no energy development as well as in energy producing states.

"Shale development has also increased the affordability of energy while helping to reduce U.S. greenhouse gas emissions and strengthened U.S. manufacturing that uses low-cost natural gas, either as a feedstock, an energy input, or both. Future shale energy development could expand all of these trends. It also could encourage exports of natural gas, spurring more U.S. production and new jobs. While a few companies have questioned exporting U.S. energy – particularly natural gas, believing it could raise prices for them – analyses from Brookings, Deloitte, and others show the impact on prices at home would be minor. The U.S. Department of Energy says exports would be an overall plus for our economy."

API is a national trade association that represents all segments of America's technology-driven oil and natural gas industry. Its more than 500 members – including large integrated companies, exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms – provide most of the nation's energy. The industry also supports 9.2 million U.S. jobs and 7.7 percent of the U.S. economy, delivers $86 million a day in revenue to our government, and, since 2000, has invested over $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.

SOURCE American Petroleum Institute