Shale Gas Will Increase Jobs, GDP, Tax Revenues and Industrial Output, and Lower Elec. Costs

Bloomberg reports on a new study from IHS Global Insight about the benefits of shale gas drilling for the U.S. economy, here are some highlights:

1. Producing natural gas from shale will support 870,000 U.S. jobs and add $118 billion to economic growth in the next four years.

2. Gas from shale, which accounts for 34% of U.S. output, also will contribute $57 billion in federal, state and local taxes by 2035, or $933 billion in the next 25 years. 

3. The shale-gas contribution to U.S. gross domestic product will triple to $231 billion in 2036 from $76 billion last year. 

4. Lower natural gas prices as shale boosts supply will cut U.S. electricity costs by an average of 10%. Lower prices will raise industrial production 2.9% by 2017 and 4.7% by 2035.