According to a new report released Wednesday, December 14, by the National Association of Manufacturers (NAM) and professional services firm PwC, the development of shale gas resources could create 1 million jobs, $11.6 billion in cost savings and greater investments in U.S. plants.
“Shale Gas: A Renaissance in US Manufacturing?” outlines how full-scale and robust shale gas development through 2025 could lead to a number of economic benefits, particularly in the manufacturing sector. The report was unveiled during a joint roundtable and media call with NAM President and CEO Jay Timmons and PwC U.S. Industrial Products Leader Bob McCutcheon.
According to PwC’s statement, the production of a stable supply of shale gas would increase demand from the domestic energy market - allowing manufacturing industries to lower feedstock and energy costs, invest in facilities, increase hiring and look to shale gas as a source of growth for their own products. The production of shale gas is vital to this country’s ability to become more energy independent, as well as to creating jobs and boosting our economy.
“Manufacturers and communities throughout the country are beginning to see and recognize the real economic benefits of shale gas,” said Timmons. “Shale gas development is a bright spot in our economy and it has the potential to boost manufacturing employment by 1 million jobs, which are badly needed.”
There are many misconceptions about shale gas, including how much exists in the United States. The fact is that the amount of shale gas in U.S. reserves could make the United States one of the top producers of shale gas in the world - leading to opportunities for the domestic economy, manufacturing and employment.
Greater investment in U.S. manufacturing plants and higher levels of employment can be a boon to the U.S. manufacturing sector. “To achieve these significant outcomes, manufacturing companies must effectively communicate the value that shale gas can create for U.S. workers and communities,” said McCutcheon. To that end, the NAM continues to embrace an “all of the above” approach to energy production. After all, manufacturing accounts for one-third of the energy consumed in the United States.
Effectively communicating the opportunities that shale gas can create for U.S. workers and communities is essential. The November jobs report cited a national unemployment rate of 8.6 percent, and according to a recent study by the Manufacturing Institute and the Manufacturers Alliance for Productivity and Innovation (MAPI), it is 20 percent more expensive to manufacture in America compared to our nine largest trading partners. Shale gas exploration can and will play a pivotal role in putting Americans back to work and restoring economic prosperity.