Across the United States, energy development touches nearly every aspect of our economy. And thanks to innovations in fracking technology and game-changing scientific discoveries, states like Colorado are playing a bigger part in keeping our economy running on all cylinders. From supporting small businesses to reshaping the global energy landscape, America’s fracking revolution not only benefits local communities, but also makes U.S. manufacturing more competitive at home and abroad.
A study from the London School of Economics found that America’s “surge in shale gas production has made the United States the largest natural gas producer in the world.” As a result, fracking has “lowered costs for energy-intensive industries, boosting output, employment and exports” and “made U.S. manufacturing more competitive.” This is big news for America’s oil and natural gas industry. Last year, the American Petroleum Institute (API) estimated that oil and natural gas comprised roughly 8% of the United States GDP.
Put simply, fracking is crucial for our country’s economy and our energy future.
An October 2016 report from the White House National Economic Council links 800,000 additional manufacturing jobs since 2010 directly to shale production, noting that “the surge in American natural gas production has lowered energy costs for manufacturers and driven job growth.” Additionally, a report from the U.S. Chamber of Commerce shows the recent increase in responsible natural gas development creates jobs and supports U.S. manufacturing. According to the Chamber of Commerce, “by unlocking immense amounts of natural gas, fracking has been a catalyst for new, job-creating manufacturing investment.”
Today, because of breakthroughs in fracking technology, the U.S. oil and natural gas industry continues to help grow our economy and shape the future of American energy and manufacturing for decades to come. And that’s no small feat.