Posted December 10, 2014
U.S. Fracking Bonanza to Lift GDP by 1 Percent by 2040: Study
Reuters: A surge of oil and gas production will drive the U.S. economy 1 percent higher in 2040 than it would have otherwise grown, and energy exports will only stoke the expansion, an independent study on energy policy concluded on Tuesday.
New drilling technologies such as 'fracking' have unlocked an abundance of fossil fuels from shale deposits and the bounty will both jolt the economy and increase tax receipts, according to the study from the Congressional Budget Office.
Officials estimate "real (inflation-adjusted) GDP product will be about two-thirds of 1 percent higher in 2020 and about 1 percent higher in 2040 than it would have been without the development of shale resources," the report finds.
Read more: http://reut.rs/1zPFimE
More industry news:
Natural Gas Exports to Mexico are on the Rise: http://bit.ly/1zPFse2
The New Energy Economy is a Jobs Engine: http://bit.ly/1wdiUEF
EIA: U.S. Production to Increase 115K Barrels in January: http://bit.ly/1yyCr4r
Philadelphia’s Incredible Potential to become the East Coast Energy Hub: http://bit.ly/1yzVsP0
Shale Gas Production Hits 132 Billion Cubic Feet: http://bit.ly/1yzTGxd
Hoffa: Keystone XL Would Boost Middle Class: http://bit.ly/166oBuu
ABOUT THE AUTHOR
Mary Schaper is a Digital Communications Manager for the American Petroleum Institute. She previously worked on Capitol Hill for the Senate Energy and Natural Resources Committee as Digital Director and for Senator Lisa Murkowski. Before coming to D.C., she spearheaded digital strategy for Murkowski's successful Senate write-in campaign in 2010. Schaper enjoys traveling and taking in the local culture alongside her husband, their son and loyal springer spaniel.