As unconventional US oil, gas boom, so do jobs: report
Published on Oct 23, 2012 1:56 PM
WASHINGTON (REUTERS) - The United States oil and gas rush is cutting into jobless numbers, supporting a total of 1.7 million jobs this year, a number that will swell to almost 3 million by 2020, a leading consultant said in a study released on Tuesday.
The report by forecaster IHS Global Insight is part of a series attempting to quantify the impact that booming production of so-called "unconventional" oil and gas has had on the American economy.
Using new technology to blast fossil fuels trapped in shale rock has transformed the US energy sector.
After five years of rapid growth, unconventional oil accounts for about 2 million barrels per day of US production in 2012, IHS said. Total US crude oil production is expected to average 6.3 million barrels per day, according to the Energy Information Administration.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!