Natural gas is providing the United States with an enormous economic advantage as a result of American ingenuity and innovation.
It’s nothing short of revolutionary that the oil and gas industry has unlocked more than a 100 years’ worth of natural gas in the United States that is available at significantly lower costs than in other parts of the world.
This provides tremendous advantages for American consumers and businesses in the form of reliable, affordable and clean fuel for power generation, manufacturing and other industries; feedstocks for chemical and agricultural products; and jobs and government revenue associated with natural gas production. Virtually all of the natural gas used in the United States is produced in North America, creating American jobs far beyond those directly involved with drilling and production while generating important state, local and federal government revenue and bolstering local economies.
In fact, a recent economic impact study found that the natural gas industry contributed more than $380 billion to the U.S. economy in a single year and is responsible for 2.8 million American jobs.
The Marcellus Shale in the Appalachian basin, for example, added 44,000 jobs in Pennsylvania in 2009 alone, contributed $389 million in state and local tax revenue, over $1 billion in federal tax revenue, and nearly $4 billion in value-added to the state’s economy. In Colorado, natural gas development and production directly employs 30,000 people and supports over 137,000 jobs.
Additionally, royalties paid by producers totaled $30 billion in 2007 alone, and billions were paid to federal and local governments. The technologies and industrial processes involved in developing unconventional gas resources are proven to be safe and reliable. The industry has safely drilled and produced natural gas and oil from more than a million wells over the last 60 years using a process known as hydraulic fracturing.
Water supplies are protected by proper well design and rigorous processes to ensure safe and environmentally-sound operations.
By focusing on the application of sound practices in drilling and production technologies and on operational integrity, we can protect our environment and public health and enjoy this unprecedented economic advantage.
Natural gas clearly provides a viable solution for helping meet our collective environmental, energy and economic goals. It is abundant and affordable and can be brought to market today with existing technologies.
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