A series of discussions among forward-thinking business and community leaders generated a new set of policy actions focused on strategies to best leverage Pennsylvania’s abundant shale gas.
The discussions and resulting policy ideas grew from a study by the Forge the Future initiative that found Pennsylvania’s plentiful natural gas has the power to propel our economy forward, driving job creation and manufacturing expansion along with it. According to the study, which was released last fall, with commonsense policies and continued investment in energy infrastructure, the commonwealth has the potential to unlock:
- $60 Billion in Pennsylvania GDP growth, an increase of 6-9%
- The addition of more than 100,000 jobs
- An influx of at least $2 billion in new state tax revenue
- 4.5 trillion cubic feet increase in gas demand
The statewide Forge the Future initiative was tasked with determining how to realize the maximum growth afforded by natural gas development. Key action items released this week include commonsense, pro-growth tax and regulatory policies and infrastructure investment to drive manufacturing growth, such as:
- Enact comprehensive tax reform that encourages competition for investment
- Foster a regulatory environment that allows for innovation and expansion
- Invest in infrastructure to support upstream, midstream and downstream activity
- Establish leadership in the Governor’s Office to shepherd projects through the maze of permitting and regulations
- Partner with Pennsylvania universities to position the state as a center for innovation in 21st century manufacturing technology and workforce
We’re in the early innings of the shale revolution and with continued statewide collaboration and smart, commonsense policies that drive investment and growth, Pennsylvania will remain on track to realizing shale’s generational opportunities.