Hydraulic fracturing is creating a positive impact on the United States economy, spurring job creation and investment in regions that both drill and export the oil and natural gas products produced. But will the shale boom in the U.S. have a lasting impact? According to predictions of some industry experts, not only will the impact last, but the benefits could pay huge economic dividends.
Experts have predicted that U.S. drilling is on track to generate approximately $700 billion in the U.S. economy by 2020. The prediction, based from realistic assumptions, takes into consideration several opportunities that shale presents. The first is that increased oil and natural gas production will attract the petrochemical industry to a reliable and steady source of raw materials, creating new infrastructure investment and many skilled labor positions. The second is that as reserves of oil and natural gas continue to increase, exports will also become lucrative, spurring even more investment and job creation.
geoAMPS, a software company located in Columbus, OH, near the Marcellus and Utica shale plays, understands how the shale industry works. We offer web-based software that helps drilling and pipeline companies navigate the complexities of tracking land and mineral rights. landAMPS, one of the suite of products offered by geoAMPS, provides an efficient web-based application to manage well and drilling data. The software, which also incorporates mobile, offline and GIS tools, automates the information needed to make critical decisions and complete essential tasks, helping bring more energy resources to market faster.
One industry expert estimates that shale could add up to four percent to the gross domestic product by 2020, as well as 1.7 million permanent jobs.
Nathan Mirolo is Marketing and Communications Specialist at geoAMPS, a technology company in the Columbus, Ohio, area committed to partnerships and investments in research and development enabling the creation of comprehensive industry specific solutions that are powerful, yet intuitive to meet the individual, demanding needs of business. For more information, visit www.geoamps.com or call 614-389-4871.