In a roundtable discussion at the NAM headquarters today NAM President and CEO Jay Timmons and PwC U.S. industrial products leader Bob McCutcheon released a report that looks at the tremendous economic benefit and the jobs that will be created by shale gas exploration and production.
The report titled Shale Gas: A renaissance in US manufacturing? estimates that shale gas could result in one million manufacturing jobs by 2025 and more than $11 billion in cost savings:
“Lower feedstock and energy costs could help US manufacturers reduce natural gas expenses by as much as $11.6 billion annually through 2025… US manufacturing companies could employ approximately one million more workers by 2025 due to benefits from affordable energy and demand for products used to extract the gas.”
Pittsburgh Business Times story covered the roundtable discussion:
That domestic shale gas development has the potential to be a game changer for country’s energy industry is not new, but, study author Bob McCutcheon said report was meant to look at the wider impact.
“We do believe there is the possibility of a renaissance in U.S. manufacturing,” said McCutcheon, based on the benefits from shale gas development.
Additional coverage from IndustryWeek:
“The number of U.S. chemicals, metals and industrial manufacturing companies that disclosed shale gas potential and its impact so far in 2011 easily surpassed that of the last three years combined, indicating this is of growing importance in the outlook of U.S. manufacturers,” said Jay Timmons, National Association of Manufacturers president and CEO.
But future growth could be hampered by regulatory and policy decisions, including taxes and energy legislation, said Timmons, who spoke Dec. 14 during a roundtable discussion on the PwC study.
This report is further evidence that shale gas exploration can and will play a pivotal role in creating much-needed jobs and providing a boost to our economic recovery.