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America’s New Energy Future: The Unconventional Oil and Gas Revolution and the US Economy

America’s New Energy Future: The Unconventional Oil and Gas Revolution and the US Economy

Full Title:  America’s New Energy Future: The Unconventional Oil and Gas Revolution and the US Economy. Volume 3: A Manufacturing Renaissance
Author(s): N/A
Publisher(s): IHS
Publication Date: September 1, 2013
Full Text: Download Resource
Description (excerpt):

 

The economic and employment contributions from US unconventional oil and gas production are now being felt throughout the US economy, increasing household incomes, boosting trade and contributing to a new increase in US competitiveness in the world economy. Unconventional oil and gas activity increased disposable income by an average of $1,200 per US household in 2012 in the form of lower energy bills as well as lower costs for all other goods and services. That figure is expected to grow to just over $2,000 in 2015 and reach more than $3,500 in 2025. The US trade position will continue to improve, owing to the significant reduction in energy imports and the increased global competitiveness of US-based energy-intensive industries. Driven by a rise in domestic production and manufacturing that will displace imports, as well as a favorable export position for these industries, the trade deficit will be reduced by more than $164 billion in 2020—equivalent to one-third of the current US trade deficit.

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