As U.S. crude production climbed to a 28-year high recently, the shale renaissance moved us one step closer to North American energy self-sufficiency. Substantial investment in the development of oil and natural gas has buoyed the economy, helping to support millions of jobs, generate billions of dollars in government revenue, and, most significantly, supply millions of consumers with affordable energy.
In this new shale revolution, energy is now one of the fastest-growing industries in the nation and an engine for economic growth. According to the consulting and forecasting firm IHS Global Insight, shale development has supported more than 2 million American jobs and generated $75 billion in federal and state tax revenues. By 2020, IHS estimates, total jobs linked to shale will grow to 3.3 million, with a total impact on U.S. gross domestic product of nearly half a trillion dollars.
American Petroleum Institute data show that 10 million jobs have been created in the energy sector alone. accompanied by tremendous economic development outside the industry. For example, fertilizer manufacturers such as Consumer Energy Alliance member company, CF Industries, has expanded its U.S. operations by opening three new plants. According to the American Chemistry Council, approximately $10 billion in capital investments have been made to expand fertilizer manufacturing in the U.S. through 2020.
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