Monday, August 13, 2012

Cheap, Plentiful US Shale Gas And Oil Reindustrializing America And Adding 3.6 Million Jobs, 3 Percent GDP Increase

From Bloomberg, "America’s Energy Seen Adding 3.6 Million Jobs Along With 3% GDP" by Asjylyn Loder:
U.S. energy supplies have been transformed in less than a decade, driven by advances in technology, and the economic implications are only beginning to be understood. U.S. natural gas production will expand to a record this year and oil output swelled in July to its highest point since 1999. Citigroup Inc. (C) estimated in a March report that a “reindustrialization” of America could add as many as 3.6 million jobs by 2020 and increase the gross domestic product by as much as 3 percent.

Narrow Gains

So far, the economic benefits have been confined to states such as Louisiana, Texas and North Dakota, while the national jobless rate has stayed above 8 percent for 42 straight months in the wake of the worst recession in seven decades.
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there are signs the economic gains have begun to expand beyond the oil and gas fields and that the promise of abundant, low-cost fuels will give a competitive edge to industries from steel, aluminum and automobiles to fertilizers and chemicals.

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