VIDEO: Shale Reduces Energy Costs for American Consumers
Oil and natural gas developed from shale has created thousands of jobs, reduced our reliance on foreign imports, and driven down greenhouse gas emissions in the United States. But you may not know that the U.S. shale revolution is also slashing energy costs for American consumers all across the country.
As President Obama stated in his 2014 State of the Union address, the United States produces more natural gas than anywhere in the world. And the multitude of benefits of that production cannot be undervalued. As John Wells of the Action for Boston Community Development explained in the National Journal, the increased supply of natural gas – brought on by shale development across the nation – has enhanced America’s supply of clean-burning natural gas. The result: more affordable energy for more Americans who need it. As Mr. Wells stated in December, “About six years ago, when natural-gas prices were high, it was a real crisis. Low natural-gas prices have been a godsend to low-income families.”
In fact, as the Wall Street Journal discussed in September 2013, hydraulic fracturing may just be the most effective tool helping America’s poor tackle their winter energy costs. From the Wall Street Journal :
“To put it another way, fracking is a much more effective antipoverty program than is Liheap. In 2012, Liheap provided roughly $3.5 billion to about nine million low-income households to subsidize their home-heating costs. New drilling technologies saved poor households almost three times more.”
Thanks to development of American shale plays like the Utica and Marcellus, American households had an extra $1,200 in 2012 due to lower prices of natural gas, electricity and goods and services – with annual savings expected to rise to $2,700 in 2020 and $3,500 in 2025. Combined with the environmental benefits natural gas provides, these savings are something worth highlighting. Check out EID’s newest video — Shale Reduces Costs for American Consumers — and learn more about how shale is helping American consumers this winter.