Wednesday, July 17, 2013

McKinsey Projects Investment In Shale Gas And Oil Production (Fracturing) Could Add The Most To GDP By 2020: $690 Billion Per Year To GDP And 1.7 Million Jobs: More Than Investment In Trade, Technology, Infrastrucuture Or Education: Mr. President, Stop Keeping America Unemployed: Approve Keystone Pipeline And Open More Federal Lands to Fracking

McKinsey finds that invesment in shale oil and gas will add more to US GDP by 2020 than investment in trade, technology, infrastrucuture or education.

From McKinsey & Company, "Game changers: Five opportunities for US growth and renewal" by Susan Lund, James Manyika, Scott Nyquist, Lenny Mendonca, and Sreenivas Ramaswamy, July 2013:
The US economy is struggling to find a new formula for vigorous growth. But all growth opportunities are not created equal. New McKinsey research pinpoints five catalysts—in energy, trade, technology, infrastructure, and talent development—that can quickly create jobs and deliver a substantial boost to GDP by 2020.
Source: McKinsey & Co
Shale-gas and -oil production. Powered by advances in horizontal drilling and hydraulic fracturing, the production of domestic shale gas and oil has grown more than 50 percent annually since 2007. The shale boom could add as much as $690 billion a year to GDP and create up to 1.7 million jobs across the economy by 2020. The impact will extend to energy-intensive manufacturing industries and beyond. The United States now has the potential to reduce net energy imports to zero—but only if it can successfully address the associated environmental risks.


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