Manufacturing Renaissance
Who would have dreamed a decade ago that oil and natural gas would become the impetus for American energy security and a revitalized manufacturing sector? Who would have imagined that OPEC members would be meeting to discuss the U.S. shale revolution and its impact on their economies Yet, without question, the worldwide energy picture has changed dramatically in recent years. The United States, once resolved to dependency on – and some would say subservient to – foreign governments to meet our energy needs, is on a path to becoming an energy super power. Continued investments in new technologies and processes like hydraulic fracturing, advanced imaging and horizontal drilling are unlocking new energy sources, creating jobs and the prospect of revitalizing the American economy in the process. Supplies of oil, natural gas and natural gas liquids (NGL) from shale development are leading to record-breaking volumes of fuel and raw material that carry enormous opportunities for the nation. In just 2009 alone and amidst a crippling recession, the oil and natural gas industries added an estimated $1.1 trillion to the U.S. economy, the equivalent of eight percent of GDP. And for every job created through oil and natural gas production, three additional…
