Shale oil and gas development has helped create 1.75 million US jobs in the past few years and potentially could be responsible for 2.5 million by 2020 and 3.5 million by 2035, an independent study commissioned by the US Chamber of Commerce and three major trade associations concluded.
Shale energy was responsible for $62 billion in federal, state, and local tax revenue during 2012, according to the IHS-CERA study entitled, America’s New Energy Future: The Unconventional Oil & Gas Revolution & the US Economy.
It said between now and 2035, shale energy could contribute more than $2.5 trillion in tax revenue, with more than half going to state and local governments. Oil and gas producers are expected to invest more than $5.1 trillion in shale resource development during that period, the Oct. 23 study indicated.
The study, which was commissioned by the US Chamber’s Institute for 21st Century Energy, the American Petroleum Institute, the American Chemistry Council, and the Natural Gas Supply Association, is the first of three reports, with the second listing state-by-state impacts and the third outlining refining, chemical, manufacturing, and other effects.
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