USA TODAY: The explosion in domestic energy production now supports 1.2 million jobs, directly or indirectly, says consulting firm IHS, in a study released Wednesday. That number will grow to 3.3 million by 2020, and new energy’s contribution to U.S. families’ disposable incomes will hit $2,000 per household per year by 2015, said IHS.
IHS’ numbers are larger than findings by other economists, which also point to a major impact from shale oil and gas. The introduction of technologies like hydraulic fracking and horizontal drilling, which made it practical to recover previously unused oil reserves, has helped drive a 58% increase in natural gas reserves since 2007, cut the price of natural gas by nearly three-fourths, and sparked more than $120 billion in U.S.-based investment last year, IHS said. Its study was partly financed by a number of energy and manufacturing industry groups…
The biggest impact on many U.S. households is lower electricity and heating bills, accounting for about 75% of the average household’s gains, Larson said. About $800 of that represents lower prices for natural gas-fueled heat and cooking, and $100 to $150 is from electricity rates lower than they otherwise would be, he said… (more)
EDITOR: Pennsylvania is the only state that does not tax natural gas extraction. Corbett reportedly received over $2 million in campaign funds from fracking related sources.
