June 26, 2014 in Commodities Now
Washington, 24 June 2014
Daniel Yergin Congressional Testimony Highlights include: It's a revolution. Given the scale of the change, it is appropriate to describe what is unfolding in the United States in terms of shale gas and tight oil as an “unconventional revolution in oil and gas.”
- Natural gas production increased 27 percent between 2007 and 2013. Estimates of recoverable natural gas reserves have more than doubled since 2005. U.S. oil production has increased 3.3 million barrels per day since 2008 – a 66 percent increase. This increase alone is larger than the output of 11 of 12 OPEC countries.
- By 2012, the unconventional natural gas and oil activity was already supporting more than 2.1 million jobs across a vast supply chain. About 60 percent of these jobs – 1.3 million – were from shale gas activity; the rest from tight oil.
- The total number of jobs supported is expected to rise to 3.3 million by 2020 – with 1.8 of those jobs from shale gas.
- In 2012, this revolution added $74 billion to federal and state government revenues. projects the number to rise to about $125 billion by 2020. Between 2012...