Oil and Gas Today with Chris Faulkner – Podcast #486

The U.S. oil and gas boom has made a “significant contribution” to economic and jobs growth since the recession, reversing domestic energy consumption predictions in the process, the White House said in a recent report.

The report noted that oil and natural gas production alone contributed a 0.2 percentage point increase to real GDP growth in 2012 and 2013, with 133,000 jobs added between 2010 and 2013 in those sectors, not accounting for spillover jobs. The surge also has boosted energy security through reducing oil price shocks and has brought the U.S. trade deficit to its lowest level since 1999, excluding 2009, the report said.

The report sounded a laudatory tone on oil-and-gas production, calling the domestic energy boom “remarkable” and praising developments that had occurred both before and during President Obama’s tenure.

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