Unconventional Oil and Gas Lift Jobs and Income
The economic and employment contributions from US unconventional oil and gas production are now being felt throughout the US economy, increasing household incomes, boosting trade and contributing to a new increase in US competitiveness in the world economy.
The US trade position will continue to improve, owing to the significant reduction in energy imports and the increased global competitiveness of US-based energy-intensive industries. Driven by a rise in domestic production and manufacturing that will displace imports, as well as a favorable export position for these industries, the trade deficit will be reduced by more than $164 billion in 2020—equivalent to one-third of the current US trade deficit.
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