Posted January 21, 2015
Oil Producers’ Under-Appreciated Role in U.S. Economy
Reuters (John Kemp): The eight states at the heart of the American shale oil revolution all grew faster than the U.S. national average over the last decade, according to the U.S. Bureau of Economic Analysis (BEA), underscoring the importance of oil production to the U.S. economy.
Gross domestic product (GDP) attributable to private industry grew at a compound annual rate (CAGR) of 1.8 percent between 2002 and 2013 for the nation as a whole, after allowing for inflation.
But for the eight states at the centre of the shale oil revolution, all of which have increased their production by at least 20,000 barrels per day since 2008, private sector GDP growth has been much faster.
Read more: http://reut.rs/15b9hvr
More industry news:
What It’s Like to be the Only Woman in the Fracking Fields: http://wapo.st/1zx62fA
U.S. Oil Production Expected to Rise as Prices Stumble: http://buswk.co/15ygEhG
Community College to Create Fracking Degree Program: http://trib.in/15ylrj6
State of the Union coverage:
AP Fact Check: Obama Claims Credit for an Incomplete Recovery: http://bit.ly/1L1cVJu
Blog: The Good, the Bad, and the Ugly from the State of the Union: http://uscham.com/1yJDrAC
Opinion: Private Sector, Not Obama, Created Lower Gas Prices: http://dailysign.al/1ysQGqF
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.