Nat Gas, Employment and the Balance of Payments

by Laura Ehrenberg-Chesler on October 25, 2012

in Employment,Energy,United States of America

We have often blogged on our website about the benefits of natural gas for the U.S. economy, the environment, and the consumer. In the October 23rd edition of the “Wall Street Journal”,reiterating the positive affects of having abundant Natural Gas resources in our country. He also added a few more opportunities to the list of why the technological revolution in energy will continue to be a game changer for the United States of America.

So far more than 1.7 million jobs are the result, according to a report titled “America”s New Energy Future,” released Tuesday by my research firm, IHS. These jobs include people working on rigs in Pennsylvania or North Dakota, manufacturing equipment in Ohio or Illinois, and providing information-technology services in California or legal services to royalty owners nationwide. The number of jobs could rise to three million by 2020. The energy revolution will add an estimated $62 billion to federal and state revenues this year.

But the energy revolution is having other effects that get less attention. The balance of payments is one. The increase in domestic oil production over the past five years will reduce our oil-import bill this year by about $75 billion. The growth of shale gas will save the U.S. from spending $100 billion a year on imported LNG, which was the likely prospect five years ago.

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