New Study Details America’s Energy Boom Increasing Consumers’ Income, Creating Jobs
House Republicans Promoting Polices to Foster Continued Private-Sector Growth and Innovation
A new study from global consulting firm IHS depicts the positive impact America’s oil and natural gas production is having on the nation’s overall economy. The study is the latest sign recent increases in domestic production are lessening America’s reliance on foreign energy sources while creating good-paying jobs and putting more money in consumers’ wallets. According to USA TODAY, the study concluded, “The explosion in domestic energy production now supports 1.2 million jobs, directly or indirectly. … That number will grow to 3.3 million by 2020.” The study also found that domestic oil and gas production added “more than $1,200 last year to the discretionary income of the average U.S. family” and “new energy’s contribution to U.S. families’ disposable incomes will hit $2,000 per household per year by 2015.”
This new study reveals all Americans are benefitting from the recent boom, which has been largely driven by private sector innovation and new technological advancements including horizontal drilling and hydraulic fracturing. Our country’s abundant new supply of oil and gas resources is lowering costs for American consumers and businesses and helping to spur an American manufacturing renaissance. IHS Vice Chairman Daniel Yergin told Bloomberg News, “The unconventional oil and gas revolution is not only an energy story, it is also a very big economic story … The growth of long-term, low-cost energy supplies is benefiting households and helping to revitalize U.S. manufacturing, creating a competitive advantage for U.S. industry and for the United States itself.” Yergin mentioned similar benefits when he testified in front of the Subcommittee on Energy and Power earlier this year, stating, “Altogether, the unconventional oil and gas revolution has already had major impact in multiple dimensions. Its significance will continue to grow as it continues to unfold.”
House Republicans have embraced America’s newfound energy abundance, and are promoting policies to foster continued private sector growth and innovation. This includes reducing red tape for domestic producers, opening up new areas to energy exploration and development, and modernizing the regulatory process needed to build the “architecture of abundance” such as the Keystone XL pipeline to transport our growing energy supplies.
To read more on House Energy and Commerce Committee Chairman Fred Upton’s (R-MI) plan for a new architecture of abundance, click here.