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Shepstone Management Company, Inc.
Readers pass along a lot of stuff every week about natural gas, fractivist antics, emissions, renewables, and other news relating to energy. As usual, emphasis is added.
Oil and Gas Are Powering the PA Economy
Nice to see this published by the Delaware Valley Journal:
Natural gas and oil continue to fuel the Keystone State’s economy and job sector, pumping billions of dollars into Pennsylvania every year and providing thousands of family-sustaining jobs, as outlined in a recent analysis conducted by PricewaterhouseCoopers (PwC). The study, based on the latest government data available, underscores the impact of the natural gas and oil industry in Pennsylvania and how the industry not only boosts the state’s bottom line but also strengthens the entire economy.
Thanks in large part to modern hydraulic fracturing and horizontal drilling in the Marcellus shale, Pennsylvania is now the second-largest producer of natural gas – closing the gap between Texas, the top energy-producing state in the U.S. And with the transition to cleaner burning natural gas for electricity generation, which in 2020 reached a record-high 40 percent nationally, natural gas development in Pennsylvania has generated good jobs, contributed billions in revenue and spurred additional economic development.
According to the PwC report findings, in 2019, the natural gas and oil industry directly and indirectly:
- Supported 480,300 total jobs (102,500 direct and 377,800 indirect) or 6.1 percent of Pennsylvania’s total employment.
- Generated an additional 3.7 jobs elsewhere in Pennsylvania’s economy for each direct job in the state’s natural gas and oil industry.
- Provided $40.5 billion in labor income ($ 14.5 billion direct and $25.9 billion indirect) to Pennsylvania or 7.9 percent of the state’s total.
- Contributed $78.4 billion to Pennsylvania’s gross domestic product ($39.4 billion direct and $39 billion indirect) or 9.7 percent of the state’s total.
It doesn’t get a lot better than this. Pennsylvania is leading the way in the Northeast despite Tom “the Trust-Funder” Wolf and his plans to kill it all with RGGI.
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