U.S. Economy Boosted by Shale Drilling
Shale is finding itself more and more in the media as an important resource for natural gas. Recently, the media focused on shale as a stimulus for another resource – jobs.
According to a recent study, for every new oil and gas job, another four are supported by the energy supply chain. Additionally, over the past five years, more than 158,000 new oil and gas jobs have been added across the United States. Now, with access to new natural gas supplies from shale deposits and increased U.S. competitive advantage in the global marketplace, the oil and gas industry expects the job creation trend to continue.
In 2010, the global market for oilfield specialty chemicals reached $16 billion, with the United States and Canada making up 52 percent. As drilling and production have increased, prices have inversely begun to decline in the United States, causing gas to be more competitive for electricity and chemical production.
Shale drilling could have the following economic impacts:
- More than 400,000 new jobs in the chemical sector
- $32 billion of chemical production growth in the U.S.
- New ethylene production facilities
- Increased exports
- Overall increase of investments in the chemical industry
- Increase in total U.S. economic output: approximately $27.3 billion
- Demand for oil field chemicals: an increase of 3.5% in the next five years
With these potential changes on the horizon, and more than $145 billion estimated to be spent drilling and completing U.S. wells within the next year, the oil and gas industry can look forward to new work opportunities along the energy supply chain.
http://www.ogj.com/articles/2012/02/ihs-shale-plays-driving-demand-for-oil-field-chemicals.html http://www.americanchemistry.com/shalegasimpact http://www.americanchemistry.com/Policy/Energy/Shale-Gas/ACC-Shale-Gas-National-Infographic.pdf