Consulting behemoth IHS has published the results of the third in a series of studies on how the US unconventional oil and gas boom is impacting the country’s economy.
The study, America’s New Energy Future: The Unconventional Oil and Gas Revolution and the Economy – Volume 3: A Manufacturing Renaissance, found that across the value chain, from exploration and production all the way to chemicals, unconventional oil and gas’ contribution to US GDP would rise to $533 billion in 2025 from $284 billion GDP in 2012. It also found a positive impact on disposable income, thanks in part to lower energy costs.
“Unconventional oil and gas activity increased disposable income by an average of $1,200 per U.S. household in 2012 as savings from lower energy costs were passed along to consumers in the form of lower energy bills as well as lower costs for all other goods and services. That figure is expected to grow to just over $2,000 in 2015 and reach more than $3,500 in 2025.”
Now you can buy that labradoodle! You can read the full report here.