Low-priced natural gas saves customers in the tristate area $107.5B

Families and businesses in Pennsylvania, New York, and New Jersey saved more than $107.5 billion in energy bills from 2008-2018, according to the Consumer Energy Alliance (CEA).

Residential users saved nearly $52.9 billion, while small businesses and industries saved more than $54.6 billion. The savings have been attributed to low-priced natural gas.

“These new reports tell an important story about the incredible impact affordable, cleaner natural gas is having on the lives of everyone across Pennsylvania, New Jersey, and New York,” Mike Butler, CEA Mid-Atlantic director, said. “However, continued investments in energy infrastructure projects are a critical component in helping to fuel economic recovery and support America’s supply chains.”

In Pennsylvania, consumers saved more than $32.1 billion. Residential customers saved nearly $13.8 billion, the equivalent of more than $1,077 per resident. Small businesses and industries saved more than $18.3 billion. This includes steel and plastics manufacturing facilities.

In the state, the oil and natural gas industry generated nearly $44.5 billion in the state’s economy, according to a 2017 report by PricewaterhouseCoopers, and supported nearly 322,600 jobs.

Nationally, the industry created or supported 10.3 million jobs.

Cultivating industries that create jobs is vitally important, CEA said. More than 649,000 Pennsylvanians are unemployed.