In a recent interview with the New York Daily News, US Energy Secretary Dr. Ernest Moniz praised the economic benefits coming from production of natural gas in the United States. Citing the $100 billion of capital investment in manufacturing that unconventional oil and gas drilling has stimulated, Moniz stated that natural gas development is “a huge economic benefit.”
As consumers of a third of the nation’s energy, manufacturers could not agree with Secretary Moniz more. According to a NAM-sponsored study released today by research company IHS, increased oil and gas production made possible by advances in shale technology will support nearly 515,000 manufacturing jobs and 3.9 million total jobs by 2025.
Ironically, leaders in New York don’t seem to want to acknowledge the game-changing benefits that come from natural gas development, and continue to impose restrictive state regulations that have hampered development of this abundant resource.
Manufacturers agree with Secretary Moniz that the US should embrace hydraulic fracturing and natural gas production, while continuing to pursue policies that encourage responsible and expeditious development of this abundant resource.