Domestic oil production is facilitating economic growth in the U.S., according to Areadevelopment.com. The source noted that shale development is helping to significantly improve the U.S. economy, accounting for 2 percent of the current growth rate in the U.S.
Natural gas facilitates economic growth
Jobs involved in shale development usually pay significantly more than other industries, accentuating the positive news of the development. Natural gas is reportedly allowing the U.S. to catalyze manufacturing at home while competing with economic giants such as China.
The bountiful production of natural gas has also increased the quality of life and infrastructure in areas that have a nexus with the industry. For example, the source noted that 80 billion has been invested in infrastructure that will assist communities that serve the industry - in the process, helping to keep workers happy and productive while they toil away. Every worker understands the need for safe roads for the morning and evening commute – they not only make the round of driving more pleasant, they help keep workers satisfied.
The economic growth from natural gas is not solely relegated to local areas. Large cities such as Denver, Houston and Pittsburg have also capitalized on these economic trends. A common theme in the growth of the shale oil industry is the positive impact it has on areas – such as helping other industries get ahead.
Shale oil an abundant resource
According to the Wall Street Journal, shale oil has provided an enormous source of energy for the U.S. The extraction of shale oil in recent years has contributed to the accumulation of 66 billion barrels of crude oil. This could help offset the billions of dollars company's would normally have to spend on oil pipelines and other additional activity. Many people think that the activity traditionally associated with investing and building oil pipelines may be proved more and more unnecessary as what those familiar with the industry refer to as the "shale revolution" takes off in the U.S.
Areadevelopment.com noted that many amenities are forming around communities that work in the shale industry. These include an increased amount of residential opportunities for workers in the area. The growth of the industry, according to the source, has also sparked a population boom, reinforcing stable growth in the real estate and construction industries.
Manufacturing recruiters should monitor shale oil areas to find workers that are highly qualified for the requisite tasks.