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The research and analysis firm IHS Global Insight has released a new study looking into the unconventional gas sector, and predicts that the shale gas boom will create nearly 1.5 million new jobs by 2015.
The huge sums invested in unconventional gas accounted for 1 million jobs in 2010 in both producing and no-producing states, and this figure is expected to grow to 2.4 million by 2035.
The shale gas boom will continue to drive the national economic growth, receiving $3.2 trillion in cumulative investment between 2010 and 2035, and contributing $332 billion to US gross domestic product by 2035.
Roger Ihne, the principal energy portfolio leader for the research firm Deloitte, said that although there is a current oversupply of natural gas in the US forcing major producers to cut back on production and operations, the industry is still expected to grow over the years.
In the report John Larson, the vice president of the IHS, wrote that, “at a time when the U.S. economy is slowly recovering from the Great Recession and struggling to create enough jobs to sharply reduce the unemployment rate, the growth in shale and other unconventional natural gas production is a major contributor to employment prospects and the U.S. economy. As this report makes clear, these benefits spread beyond producing states to deliver positive impacts across the country.”
By. Charles Kennedy of Oilprice.com
Charles is a writer for Oilprice.com