USA Today column touts shale’s role in making the US “key player in the world energy market”

Nov 25, 2014

ManInstAccording to Mark P. Mills (@MarkPMills), a senior fellow at the Manhattan Institute, in a recent USA Today column, the shale gas revolution is playing a critical role in America’s economy and presents an opportunity thought nearly impossible just a few years ago in the global energy market.

According to the column that looked at “key numbers” identified by Mills, some are below:

350: Near-term oil & gas supply is determined by technology. America's shale resources have been unlocked by the combination of horizontal drilling, hydraulic fracturing, and information technology—technologies that all continually improve. The efficiency of shale rigs—energy produced per dollar of capital—has increased 350% over the past four years…

300: The shale boom has added at least $300 billion annually to the U.S. economy over the past half-dozen years, along with nearly two millions jobs . Without this addition to GDP, America's economy would have stalled, or been in recession, for nearly every year since 2008.

3: Until recently, the future of global energy trade resembled an oligopoly of two: Russia and the Middle East stood aloft as the dominant suppliers of oil and gas. Now, the U.S., especially as part of a triumvirate with Mexico and Canada in a North American Energy Common Market, can become not just a stabilizing third player in global markets, but the new dominant one.”

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