Ohio on Cutting Edge of America’s New Energy Future
Ohio’s economy is rebounding. And, much of our recent and future growth can be tied to a dramatically changing energy reality.
Earlier this year, the Ohio Shale Coalition, an initiative launched by the Ohio Chamber of Commerce in 2011, released a study that conservatively projects a $10 billion impact on our economy by 2014 from growth in the oil and gas industry. This is exciting news for Ohio. We are clearly on the cutting edge of the shale revolution.
But, we are not alone. One of the largest energy transformations in recent history is taking place across the United States. Like Ohio, other states from Louisiana and Texas, to Pennsylvania, West Virginia, Colorado and North Dakota, are experiencing huge increases in the production of shale energy.
In order to better understand the scope and potential of this shale revolution, the US Chamber’s 21st Century Energy Institute partnered with several other national groups and IHS-CERA, a leading global energy consulting firm, to quantify the economic and energy security impacts of shale energy. This groundbreaking report was released this week and is an important complement to the Ohio Shale Coalition’s study. It represents the first stab at examining the shale revolution on a national scope. And the results are stunning.
America’s New Energy Future: The Unconventional Oil & Gas Revolution and the U.S. Economy, says shale energy development has already created 1.75 million jobs across the U.S. over the last few years. It is expected to account for 2.5 million jobs in 2015, 3 million in 2020, and 3.5 million jobs in 2035. And, these are good paying jobs. Shale energy workers are making 50% more than the national average.
The report goes on to say that between today and 2035, $5.2 trillion, yes that’s trillion, is expected to be invested in shale energy development. This investment will contribute $238 billion to the U.S. economy in 2012 alone.
And, our states and communities are also benefitting from the shale revolution. More than $2.5 trillion in new government revenues will be generated by 2035 – with $62 billion in 2012 alone.
There are other important benefits too. As we begin to produce more oil and gas here at home, our energy security is enhanced. Over the last 4 years, we’ve seen a 25% increase in domestic oil production, primarily because of shale. According to this new report, between 2008 and 2015 domestic energy production will increase by 46%, and by 2020, it will increase by 68%. Net oil imports are projected to decrease by 60% by 2020, reducing our imported oil bill by $200 billion.
Many Americans are just beginning to learn about the shale revolution, but here in Ohio we are already reaping the benefits. We have an American success story in the making, and Ohio is front and center!
To learn more about this new report, click here. Help us spread the word about America’s new energy future.