Thursday, June 21, 2012

Can Natural Gas Revive The US Economy?

This would be ironic, considering that the left, including Obama, have tried to obstruct natural gas development. But, considering how Obama promiscuously counts green jobs, he'll try to claim credit for it.
[T]he natural gas industry supports some 2.8 million jobs — either directly through companies engaged in exploration and drilling or indirectly through manufacturers that use the fuel as a raw material, according to the American Gas Association. 

The real potential for economic impact, however, lies in the vast reservoirs of shale gas that are newly accessible through hydraulic fracturing.

Better known as “fracking,” the process involves extracting natural gas from shale rock layers deep within the Earth using a highly pressurized mixture of water and chemicals. 

“Energy is always a key player in the economy and because producers have been able to make these advances in technology and efficiency improvements, shale gas could be a very significant driver for the economy going forward,” says Rocco Canonica, director of energy analysis at Bentek Energy, an energy market research firm in Evergreen, Colo. 

Over the last four years, fracking, along with traditional drilling, has unlocked a staggering 3,400 trillion cubic feet of natural gas in North America, enough to supply U.S. consumers at current demand levels for more than 100 years, according to business and economic research firm IHS [IHS  101.84    -0.70  (-0.68%)   ] in Englewood, Colo.

In its 2012 study, the group found that shale gas production alone will create some 1.5 million jobs by 2015, and 2.4 million by 2035. 
Note that this says that it says that gas development will create jobs, not that any politician will create jobs.


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