Shale Drilling will Create 3.5M Jobs, $5.1T in Investment
A major new study was released yesterday by global research company IHS titled “America’s New Energy Future: The Unconventional Oil and Gas Revolution and the Economy.” The study builds on previous IHS research on the economic impacts of unconventional gas to provide the most complete assessment to date of the economic contributions—in terms of jobs, economic value and government revenue—for both unconventional oil and unconventional gas in the United States.
What did the study find? Upstream (i.e. drilling) in the shale oil and gas sector will provide 1.7 million jobs—in 2012 alone! By 2035 there will be 3.5 million people employed in just the upstream sector of unconventional shale. Here’s a real heart stopper: By 2035, $5.1 trillion in capital expenditures ($2.1 trillion in the oil sector, $3 trillion in the gas sector) will be invested in upstream shale exploration and production.