Eight states where shale boom took place grew significantly faster than rest of US
John Kemp:
The oil and gas industry created roughly 300,000 jobs both directly and indirectly and they were good paying jobs. The Obama administration and many in the media seem to have a deep hostility to oil and gas despite its obvious significance to growing the US economy. It did what the anti energy left hoped that the3 alternative energy sector would do and apparently they only grudgingly accept it.
...There is more.
But for the eight states at the centre of the shale oil revolution, all of which have increased their production by at least 20,000 barrels per day since 2008, private sector GDP growth has been much faster.
North Dakota's private industry achieved a spectacular CAGR of 7.4 percent while Wyoming (3.9 percent), Utah (3.8 percent) and Texas (3.4 percent) all grew roughly twice as fast as the rest of the country.
Private industry in the remaining shale oil states of Oklahoma (2.9 percent), Colorado (2.1 percent), New Mexico (1.8) and Kansas (1.8 percent) all grew at least slightly faster than the nation as a whole (link.reuters.com/sak83w).
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Policymakers from the president down prefer to focus on the importance of more fashionable and cleaner technologies like wind, solar and smart grids, or industries which make things like cars and computers.
But they seriously underestimate the role which increasing domestic oil and gas production, especially horizontal drilling and hydraulic fracturing, have played in the economic recovery.
U.S. oil output has surged by more than 4 million barrels per day, 80 percent, in the last six years.
Between 2002 and 2013, oil and gas extraction tripled its share of economy-wide value-added from 0.6 percent to 1.7 percent. No other industry grew anywhere near as fast or increased its share of economy-wide value-added as much.
By 2013, the value-added of the oil and gas extraction sector was among the highest in the nation, according to BEA data. Oil and gas producers accounted for a higher share of value-added than the makers of computers and electronic equipment, or manufacturers of automobiles, locomotives and planes.
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The oil and gas industry created roughly 300,000 jobs both directly and indirectly and they were good paying jobs. The Obama administration and many in the media seem to have a deep hostility to oil and gas despite its obvious significance to growing the US economy. It did what the anti energy left hoped that the3 alternative energy sector would do and apparently they only grudgingly accept it.
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