“There’s no doubt that the shale gas boom in the U.S. helped trigger a resurgence in manufacturing.” This was the primary finding of a new PricewaterhouseCoopers (PwC) study released today. Commenting on the report, Pittsburgh, Pa.-based Robert McCutcheon, PwC’s U.S. industrial products leader, adds: “Reducing costs, creating jobs and supporting investments and innovations are among the many impacts this game-changing resource has brought to the U.S. manufacturing space.”
Here are key findings from PwC’s report, which determines that domestic shale gas development is “giving U.S. manufacturing a boost through significant cost savings and jobs creation”:
- Annual cost savings of $22.3 billion in 2030 and $34.1 billion in 2040. Cost savings benefits could potentially be higher. These potential savings are up markedly from a similar analysis carried out by PwC in 2011, which estimated that manufacturers could save up to $11.6 billion annually by 2025 and $11.2 billion by 2035.
- Continued shale gas activity in the U.S. will translate into new manufacturing jobs growth, contributing 930,000 shale gas-driven jobs by 2030 and 41 million by 2040.
The study also highlights “shale gas wild cards to watch” – factors that “could result in reduced benefits of shale gas development to U.S. manufacturers.” Among the study’s noted “wild cards”, PwC underscores the fact that “changes in tax policy could affect capital investments in shale gas plays and alter the investment picture.”
As PwC states in its conclusion: “Certainly, the natural gas boom has already demonstrated that it can be a bona fide driver of manufacturing in the U.S. and can help the country curb its carbon footprint and add jobs.” And the American people absolutely agree. In fact, according to a new Ipsos poll released today:
- More than half of Americans support the development of additional infrastructure to expand the use of natural gas in the U.S. An even larger number, three-quarters of respondents, agreed that the development of natural gas is driving economic growth in the U.S., underpinning the support for infrastructure development.
- The survey of more than 2,000 U.S. adults conducted by Ipsos Public Affairs found that 56 percent support expanded development of infrastructure, including processing facilities to clean natural gas and transportation pipelines to bring that gas to consumers. … A supermajority of 75 percent believes that natural gas exploration and development in the U.S. is driving economic resurgence in the nation, specifically in sectors including manufacturing.
Visit UnitedShaleAdvocates.com today to take action in support safe, job-creating American shale development.