Economist: Barnett Shale Still a Major Stimulus to Texas Economy
The update, commissioned by the
“The bottom line is that the industry is down and natural gas prices are down, but you still have this great resource under the ground, and the area is much better off for having this resource,” Perryman said, adding that the current slowdown is likely to be temporary, with demand for natural gas and prices expected to increase as the global economy recovers. “This is a resource that by its nature is volatile, and now you’re seeing the downside, but it will go up again and that’s important to know.”
Here are other highlights of the report entitled “An Enduring Resource: A Perspective on the Past, Present, and Future Contribution of the Barnett Shale to the Economy of
- Production in the Barnett Shale has not yet peaked, with the amount still to be extracted estimated at 55 trillion cubic feet up from 39 trillion cubic feet in a study last year.
- Over the past few years, the impact of the Barnett Shale on regional business activity has consistently exceeded projections. Since production began in 2001, the Barnett Shale has contributed
$32.56 billionin gross area product and more than 327,000 person-years of employment.
- If the economy experiences a modest recovery over the next seven years as projected, the aggregate benefits of the Barnett Shale for the 2001-2015 period will exceed
$100 billionin output and 1 million person-years of employment.
To read the report in its entirety, visit www.barnettshaleexpo.com
“This report solidifies the importance that the Barnett Shale continues to play in our region’s economic diversification,” said
The Barnett Shale is one of the largest and most active natural gas reserve fields in
CONTACT: Andra Bennett, 817-336-2491, x 265 Ellen Sterner Sedeno 214-546-8893