Are you aware of just how massive shale’s benefits are to local economies? Canary’s inaugural shale whitepaper, The US Shale Gale: Relieving Recession One State at a Time, might surprise you:
- North Dakota is the nation’s second largest oil-producing state, second only to Texas after surpassing Alaska and California in early 2012 due to its surge in shale production. The state’s oil production lagged behind seven other states in 2006 – but set a record in July 2013 by increasing almost 53,000 barrels per day.
- Texas accounted for 34.5% of all US oil production in May 2013, after a 22-year decline. Oil production has doubled in just the past three years across the state, reaching its highest levels since 1981 when the US Energy Information Administration started keeping official records.
- The abundance of natural gas in Pennsylvania is having a significant economic impact on the state. A big winner is the state’s job market: Of all new jobs created between 2005 and 2012, 90% were created by the drilling industry.
- The economic benefits of fracking Colorado’s Niobrara are undeniable. In 2012, the oil and gas industry contributed $29.6 billion into the state’s economy and supported more than 110,000 high-paying jobs. Collectively, the industry contributed just over $3.8 billion in employee income to Colorado households in 2012.
- California oil is still a very prominent player in the energy marketplace. It retains its place in the top-5 oil producing states, currently ranking 4th behind Texas, North Dakota, and Alaska. The trajectory of advancements in drilling technology could be an indicator of great things to come.
