Purdue University recently published a report showing that the production of shale oil and gas could benefit the U.S. economy by raising the nation's gross domestic product by an average of 3.5% annually through 2035.
The report also cited additional benefits to the economy. For instance, the report predicts that, on average, oil prices will be 7% lower and gas prices 12% lower than they would have been without the increased production. In addition, the shale boom has already provided additional benefits to the economy by substantially increasing employment.
The report summarizes two separate papers. One of the papers examines the shale oil and gas boom and the other paper analyzes potential ramifications of significant exports of natural gas.
To read the press release click here.
To read the report click here.
Written by Joseph Negaard - Research Assistant
The Agricultural Law Resource and Reference Center
October 11, 2013