Shale Crescent USA (SCUSA) and the Ohio Oil & Gas Energy Education Program (OOGEEP) recently released an economic analysis that highlights users’ energy savings due to increased natural gas production in the Shale Crescent USA region.
According to the report, end-users of natural gas, which include households, businesses, manufacturers, and electric power generators, have seen $1.1 trillion in energy savings since 2008 due to the significant natural gas production in the region, which includes Pennsylvania, Ohio and West Virginia.
According to the report, U.S. households saved an average of $4,000 over 10 years, and the energy savings amounted to approximately a 2.7 percent increase in income for low-income families.
The savings included over $90 billion for all natural gas users in the Shale Crescent Region. The report found that Shale Crescent region manufacturers and industrial users saved approximately $25 billion, and consumers in the Shale Crescent region realized savings approximately 30 percent higher than the national average.
“The strength of natural gas and natural gas liquids production in the Shale Crescent region, as this report confirms, has made this region the most profitable place to build a petrochemical plant, giving manufacturers here a critical competitive edge,” Jerry James, co-founder of Shale Crescent USA, said. “Energy is the catalyst to breathing new life into American manufacturing and, after years of challenges, we are excited about the bright future in store for communities all along the Shale Crescent.”
Development of the Marcellus and Utica shale formations in the region accounts for approximately one-third of the nation’s natural gas production. According to recent projections, the region will be responsible for roughly 45 percent by 2040.