12/01/2021

America’s New Energy Future: The Unconventional Oil and Gas Revolution and the US Economy

“Unconventional oil and natural gas activity is reshaping America’s energy future and bringing significantbenefits to the US economy in terms of jobs, government revenues, and GDP. This study providesthe foundation for a dialogue focused on the still-evolving but transformative economic effects of this unconventional revolution. It extends our original economic assessment to include the full value chain associated with the unconventional revolution—IHS has added the benefits from midstream,associated with the unconventional revolution—IHS has added the benefits from midstream, downstream, and energy-related chemicals activities to the prior upstream analysis—and exploreshow these profound developments are reshaping our macroeconomic outlook and contributing to a manufacturing renaissance brought about by improving US competitiveness in world markets.

The full economic contribution from the unconventional oil and natural gas value chain and energy related chemical manufacturing has added 2.1 million jobs in 2012, and that contribution will increase toalmost 3.3 million by the end of the decade and almost 3.9 million by 2025. Annual GDP contributionswill nearly double, from almost $284 billion in 2012 to almost $533 billion in 2025. Government revenueswill average $115 billion annually and will grow by a total of more than $1.6 trillion over the 2012 to 2025 time frame.”

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