Stable natural gas prices driving manufacturing renaissance in United States, Marcellus key driver

Thanks to responsible shale gas development, with the Marcellus leading the way, the United States could create 1.41 million new jobs by 2040, according to a new report from PwC, a leading global professional services firm.

Discoveries like the Maarcellus Shale, which Range pioneered in 2004, have helped to lower and stabilize natural gas prices, which have provided enormous consumer and industrial benefits through reduced energy prices. The report indicates:

“The surge in shale gas production and consumption in the US has proven a genuine game changer on a number of fronts including: strengthening US energy security and independence, and helping trigger a resurgence in US manufacturing….shale gas development could have the following impacts on US manufacturing overall:

Annual cost savings of $22.3 billion in 2030 and $34.1 billion in 2040.930,000 shale gas-driven manufacturing jobs created by 2030 and 1.41 million by 2040.”

PwC’s press release was broadly reported and can be read by clicking here. wrote “PwC US examines whether shale will continue to help drive a resurgence in U.S. manufacturing. The answer? A resounding yes.”

One of the authors of the report told the Pittsburgh Business Times” Sitting in Pittsburgh we’re at the epicenter of the Marcellus Shale, so looking at its impact is a relevant question for the region,” said Robert McCutcheon, U.S. industrial products leader for PwC and managing partner of the firm’s Pittsburgh office. “While it’s a major energy story, it’s also a major manufacturing story.”

The National Association of Manufacturers and the American Chemistry Council contributed to the report.