Advanced drilling methods are increasing output and employment, generating economic benefits on multiple fronts. The increased demand for workers based on increased productivity and the surge of capital investment in the oil and natural gas industry provide real inducements for economic growth in sharp contrast with “green” energy subsidies and political job stimulus puffery. The oil and gas sector can be a major force in closing the growth and jobs gap left by a weak recovery from the recession.
Domestic Oil & Gas Boom Addresses Multiple Problems
The field of energy is fraught with misunderstandings. As a result, the reaction to truly fortuitous developments can be confused. The technological revolution in shale oil and gas production is as near an unequivocal benefit as there can be. This is not the time to start taking the energy supply for granted or to doubt the national benefits of domestic production. Increasing the domestic supply of oil and gas will:
- Improve the U.S. trade balance,
- Realize cost savings for the U.S. economy,
- Moderate the world oil price,
- Create productive jobs,
- Increase government revenue,
- Increase capital investment, and
- Induce economic growth.
The federal government ought to do everything in its power to facilitate the safe expansion of domestic crude oil and natural gas supplies.
The entire study is attached in pdf format below.