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 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.
The IHS study further concluded that the shale gas boom will continue to drive economic growth, receiving $3.2 trillion in cumulative investment between 2010 and 2035, and contributing $332 billion to U.S. gross domestic product (GDP) by 2035
Earlier data from IHS concluded that shale gas contributed nearly $19 billion in tax and royalty revenue at the state, local and federal level in 2010, and that over the next 25 years that number could exceed $933 billion to fiscally strapped states, as well as the federal government.
Its contribution to gross domestic product is projected to reach $118.2 billion in 2015 and $231.1 billion in 2035 — up from $80 billion in 2010, according to IHS.
Lower Prices Spur Growth
To get a better sense of the potential economic impact, consider the relative ubiquity of natural gas.Page 2 of 6 | Prev Page | Next Page