Friday, February 24th, 2017 and is filed under Uncategorized
Hydraulic fracturing in the shale oil industry has revolutionized U.S. oil production and created a lot of “fracking millionaires” in the process. It is estimated that between 2012 and 2014, fracking created a staggering $3.5 trillion in new wealth.
The DailyCaller.com reported, “From 2012 to 2014, the shale oil industry generated 4.6 million new jobs due to an energy boom and the resulting low gas prices, according to a study published by the National Bureau of Economic Research (NBER). Expensive energy could be a huge net positive for the U.S. fracking economy because rising oil prices mean more drilling.”
The DailyCaller.com went on to say, “Oil prices fell to a record low of $30 a barrel during the previous year, sharply reducing the industry’s profit margins, which are now rising again. Researchers estimate that new economic activity from fracking technology created around 4.6 million net new jobs, but only about 1.6 million of these new jobs were directly linked to the oil industry, while many of the rest were due to lower gas prices and the positive effect that had on the American economy.”
Read more at DailyCaller.com.