America's Shale Boom Is a Major Job Creator
February 26, 2014
Employment in America's oil and gas fields is up 40 percent since the recession began in 2007, says Mark Mills, a senior fellow at the Manhattan Institute.
America has the oil and gas boom to thank for millions of new jobs.
- In the 10 states where hydrocarbon production is increasing, employment growth has outperformed the United States' growth rate overall.
- These are not just oil and gas jobs, but positions in information services, health care, housing, education and manufacturing.
The recession ended in the middle of 2009.
- Oil production skyrocketed 60 percent, while oil imports dropped by 50 percent. It has also brought in foreign investment, attracted by our abundant and low-cost energy.
- 100 factories are set to be up and running by 2017.
- When all are in operation, it will increase gross domestic product by $300 billion and create an additional 1 million jobs.
And for those who see incentives to develop and produce our resources as benefiting no one other than "Big Oil," more than 75 percent of U.S. oil production comes from 20,000 companies. These are small- and mid-sized firms that have utilized fracking and other smart-drilling technologies.
Lawmakers in Washington, D.C., need to make efforts to further encourage this production. New regulatory burdens are not the answer. But by opening up markets and encouraging the export of natural gas and oil, putting more federal land into production, and lowering taxes on businesses, the United States would see an incredible economic impact that has not been seen since the dot-com era.
Source: Mark P. Mills, "America's Shale Boom Is a Major Job Creator," Investor's Business Daily, February 19, 2014.
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