New developments in natural gas production have created a boon for Texas manufacturers, according to a report published Wednesday from the state’s leading oil and gas lobby group.
A new report from Texans for Natural Gas shows manufacturing output has increased 50 percent from 2009 to 2016 as the state’s energy producers continue to capitalize on advancements in fracking technology. New technologies have also reduced costs for U.S. chemical companies by eight percent.
Texas shale-related manufacturing exports increased 68 percent between 2007 and 2017, the report notes. New chemical manufacturing investment in Texas, meanwhile, is expected to support 182,000 permanent new jobs by 2025, and add nearly $14 billion in wages for Texas workers.
“Companies from around the world are flocking to Texas thanks to our abundant and inexpensive energy resources. From chemicals to plastics, tech and refining – all aspects of manufacturing are benefiting from Texas shale,” said Steve Everley, a spokesman for Texas for Natural Gas.
Natural gas has eased housing and property prices in the state as well. Residential electricity prices have fallen since 2008 by about 16 percent, almost directly proportional to a 17 percent increase in power generation from natural gas over the same time period, according to the U.S. Energy Information Administration. (RELATED: Texas Energy Prices Keep Dropping As Natural Gas Dominates)
The fracking boom has brought other advances and records to the U.S. natural gas industry as well. (RELATED: Study: Selling US Natural Gas Abroad Could Create 136,000 Jobs)
The U.S. became the world’s largest producer of natural gas in 2012, surpassing Russia. Natural gas passed coal as the United States’ leading source of electricity in July 2017.
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