Shale Energy To Create Over 23,000 Jobs In Tennessee By 2020, According To New Study

Wednesday, December 19, 2012

The second phase of a comprehensive new study co-sponsored by the U.S. Chamber’s Institute for 21st Century Energy was released Wednesday, highlighting the benefits that shale energy will have on Tennessee’s economy over the coming years. IHS, a leading global energy research firm, is conducting the three-part study to examine the economic impact of shale energy exploration and production across the country. Part one of the report, which focused on the national benefits, was released last month.

According to the study, shale energy production has already created more than 13,500 direct, indirect and induced jobs in Tennessee and is projected to support 23,300 jobs by 2020.  In addition, shale energy development will generate $45 million in state and local government revenue in 2012 alone, and from 2012-2035 could generate $1.5 billion in state and local government revenue. 

“Shale energy is a game-changer for America and for Tennessee,” said Karen Harbert, president and CEO of the Energy Institute. “The latest installment of this study allows us to quantify just how significant the impact on both state and the national economy will be. It provides all the more reason to strongly support responsible shale energy development.”

Nationally, the IHS study shows that by 2015, shale and unconventional energy will be responsible for 2.5 million jobs; by 2020, 3 million, and by 2035, 3.5 million. In 2012, shale energy is responsible for $62 billion in government revenue. Between now and 2035, shale energy development is expected to contribute more than $2.5 trillion in total government revenue—about half of which goes to the federal government. Overall, between now and 2035, the energy industry will invest more than $5.1 trillion in energy development in the United States.

“Our analysis indicates that both oil and gas producing and non-producing states alike are reaping the benefits of the unconventional oil and gas revolution,” the report says. “Some states benefit through firms that participate in upstream exploration and production, while other states benefit through firms that comprise the vast supply chain supporting unconventional oil and gas development, or both. States also benefit from the interstate trade that occurs as the unconventional oil and gas income effect flows through the economy.”

The IHS study released Wednesday is the second in a three-part series designed to shed light on the economic impact of shale. Wednesday’s state-specific study, as well as part one, focused exclusively on the impact of operations surrounding the extraction of oil and gas (referred to as “upstream” operations).

The final installment—to come in early 2013—will examine the entire economic impact of shale, including components like manufacturing and chemicals (known as “downstream” operations).

The U.S. Chamber’s Energy Institute partnered with the American Petroleum Institute, American Chemistry Council, America’s Natural Gas Alliance and Natural Gas Supply Association to sponsor the study.

The mission of the U.S. Chamber of Commerce's Institute for 21st Century Energy is to unify policymakers, regulators, business leaders, and the American public behind a common sense energy strategy to help keep America secure, prosperous, and clean. Through policy development, education, and advocacy, the Institute is building support for meaningful action at the local, state, national, and international levels.

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than three million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.


Sound Living Counseling Celebrates Grand Opening Aug. 30

Sound Living Counseling will celebrate its Open House and Dedication with ribbon cutting ceremony on Aug. 30 from  11:30 a.m. –4 p.m.  The Chattanooga Area Chamber of Commerce will coordinate this event, taking place at 6727 Heritage Business Court, Suite 720. Sound Living Counseling is a center expanding to serve the needs of people in the community. The mission ... (click for more)

UNUM Hosts Back To School Bash For Chambliss Children

UNUM hosted its annual Back to School Bash for the school-aged children spending the summer at Chambliss Center for Children.   This year more than 175 UNUM employees came out to host a special day on our campus that included inflatables, games, a petting zoo, snow cones, face painting, hot dogs, burgers and more. They also stuffed 125 backpacks full of the required ... (click for more)

Nashville Man Arrested By TBI For Trafficking 12-Year-Old Texas Girl For Sex

Special Agents in the Tennessee Bureau of Investigation’s Human Trafficking Unit, working alongside local and federal partners, have arrested and charged a Nashville man accused of trafficking a 12-year-old from Texas for the purposes of commercial sex. On Friday evening, the TBI received information from the U.S. Marshals Service about the possible whereabouts of a Texas ... (click for more)

Michael Ford Sentenced To More Than 13 Years In Prison On Drug Charges

Michael Shawn Ford has been sentenced to 13 and a half years in prison on drug charges. On April 20, 2105, Ford was arrested at his house in East Ridge. Police found him hiding in the closet with a laundry bag which contained a loaded pistol and 7.9 grams of crystal meth. Officers said that two backpacks were found in the same bedroom, one with 257.3 grams of crystal meth ... (click for more)

Olympic Events On The Ocoee River Made History – But It Wasn’t Easy

It started with a simple “what if” question while Atlanta officials were working on a bid to host the 1996 Summer Olympic Games.  A group of amateur kayakers from the city began asking themselves: “What if Atlanta’s bid is successful? Then where would the Olympic whitewater canoe and kayak races be held?”  To some of the members of that group, the answer was obvious. ... (click for more)

Roy Exum: Today’s Offensive Word

A respected Knoxville business owner, Lois McGinnis, called the classifieds desk at the Knoxville News-Sentinel on Tuesday and politely asked to place an ad she wanted to appear on Thursday: “Store closing sale – Cedar Springs Christian Store –Clinton Highway location. All merchandise, fixtures, slat walls must go. Sale through August 13, phone 865-XXX-XXXX.” But on Thursday ... (click for more)