Over 50 years ago, Leonard Read wrote a short story, “I, Pencil,” that explains how no one person on earth has the capability of making a pencil all by himself. The late Nobel Prize-winning economist, Milton Friedman, popularized the story in his PBS television series, Free to Choose.
Just as no one person can make something as basic as a pencil, no one person or company can get oil or natural gas out of shale rock. It takes hosts of people and companies working together to make the materials and equipment and provide the services needed for shale development.
How many people exactly?
A report produced by IHS for the Energy Equipment and Infrastructure Alliance finds that in 2012, 524,000 people worked in the supply chain industries that support shale energy development, and they earned over billion in earnings. IHS expects the number of jobs in these industries to grow to 757,000 with earnings reaching almost billion by 2025.
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