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.


Chattanooga Area Labor Council To Host Workers Memorial Day Event

The Chattanooga Area Labor Council will host a Workers Memorial Day Event on Monday, April 28, to remember all workers who have suffered and died on the job and to renew efforts for safe workplaces.    This is a worldwide campaign, sponsored by the AFL-CIO, to generate awareness and support of workers’ rights to "safe, healthy and respectful work environments."   ... (click for more)

Hicks Speaker For Walker Chamber's Monthly Membership Luncheon

The University of Georgia’s Small Business Development Center will be highlighted by keynote speaker Kinsey Hicks, program coordinator, during the Walker County Chamber of Commerce’s April Membership Luncheon which will take place on Tuesday from 11:30 a.m. to 1:30 p.m. at the Walker County Civic Center, 10052 N Hwy 27, Rock Spring, GA.    The Mission of the ... (click for more)

Bus Driver Will Not Face Charges In Tragic Bus Accident

Sergeant Tommy Sturdivan announced in a Friday afternoon press conference that the investigation into the death of six-year-old Zackery Bryant at Chattanooga Valley Elementary has been officially declared complete and that there will be no criminal charges. Zackery died tragically on Monday morning after being hit by a school bus after stepping off. According to Sgt. Sturdivan, ... (click for more)

Soddy Daisy May Begin Effort To Allow Wine In Grocery Stores; Concussion Forms Required For Sporting Events; WWTA Chided For Causing Potholes

The Soddy Daisy Commission is considering taking steps to allow wine in grocery stores now that Tennessee lawmakers have voted to lift restrictions. To have the law appear on the next ballot for a vote, Mayor Janice Cagle said a petition with an amount of signatures totaling 10 percent of the number of voters in the last general election will have to be collected. Commissioner ... (click for more)

State Moving Forward In Educational Improvements

The State Collaborative on Reforming Education released the following statement from President and CEO Jamie Woodson regarding the 2014 legislative session in Tennessee and HB1549/SB1835, which passed the General Assembly Thursday: After a year of extensive public and legislative conversation regarding higher academic standards and related strategies to improve student learning, ... (click for more)

Roy Exum: A Nudge By Angel Kilbride

Way above us, high in the heavens, a handsome angel everybody calls Ben yelled to Saint Peter on Thursday and told him, “Better send me a couple of rubies and maybe an amethyst … Dad’s crown just got bigger.” To you such a scenario may sound silly and foolish but Bill Kilbride, a dynamic genius who has just been named as president-elect of Chattanooga’s Chamber of Commerce, knows ... (click for more)