Recent studies by several research firms is confirming what many Americans in the Midwest have already come to know: that the continued development of domestic natural gas is leading to an economic revival. It is creating a ripple effect, creating more jobs, saving households money on energy bills and creating more business in the manufacturing sector. We have seen an increase in our business.
These studies, which focus on the wide ranging benefits of unconventional oil and natural gas development, also document increasing things like household income and reduced trade deficit, and delves deeper into the full opportunity that this resource is providing the U.S. manufacturing sector.
An article on this revival from Fuelfix.com reports,”The unconventional oil and gas revolution is not only an energy story, it also is a very big economic story that flows throughout the U.S. economy in a way that is only now becoming apparent,” said IHS vice chairman Daniel Yergin. IHS projects that from 2012 to 2025, companies will invest $346 billion in pipelines, processing facilities and other infrastructure to transform natural gas and natural gas liquids into olefins, methanol, ammonia and a host of other energy-related chemicals.”
“The study also documents pocketbook impacts of the domestic drilling boom, including lower costs for electricity, heat and various goods and services. Disposable income effectively increased by an average of $1,200 per U.S. household last year as a result of both higher household wages and lower energy costs, the report found. According to IHS, the per-household savings could climb to more than $3,500 in 2025.” Fuelfix.com reports.
In a country that continues to recover from the slump of the past decade, an American economy on the upswing is BIG news. It certainly is BIG news around here. The number of companies related to the gas and oilfield industry that have purchased paint booths from Standard Tools and Equipment in the last six months is astounding. We continue to see inquiry after inquiry from these type companies. We are blessed to have the opportunity do our part in the recovery process.
All this is fantastic news, not just for our company but for our nation as we continue to more towards a full economic recovery…and beyond.