Energy boom stimulates American economy in a big way, according to report
Saturday, October 8, 2016
A 64-page report from the U.S. Chamber of Commerce titled, “What If America’s Energy Renaissance Never Actually Happened,” found that the economy would be short 4.3 million jobs and shrunk by $548 billion, according to Kallanish Energy.
The report used data from 2009 to 2015 to capture what the American economy would have looked like without shale development.
Residential electric and natural gas bills would be 31 and 28 percent higher, respectively. Americans would see fuel prices 43 percent higher at the pump and industrial natural gas consumers would be paying 94 percent more.
The manufacturing industries in Pennsylvania, Ohio, texas and Wisconsin would have been crippled even more as the four states combined would have 950,000 fewer jobs.
Learn more: Kallanish Energy > U.S. energy boom produced 4.3 million jobs, $548 billion to economy, report says
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.