Energy stability in a time of turmoil

Energy stability in a time of turmoil

Riverside Press Enterprise | December 08, 2014 | by CHRIS FAULKNER

New U.S. oil and gas supply has helped the United States become more energy independent, and that, in turn, has cushioned consumers and industry here from the vagaries of the global market. …As the United States becomes less dependent on foreign oil and gas and a bigger player in the international energy markets, the domestic economy also benefits. In 2012, the American energy sector supported around 2.1 million jobs. It’s one of the few industries to thrive throughout the Great Recession and slow recovery, with energy employment growing by 40 percent between 2008 and 2013. By former Fed Chairman Ben Bernanke’s assessment, the energy sector is responsible for about one-fourth of all job growth since 2008. That employment growth is expected to continue, adding more than a million additional jobs by 2020. Employment isn’t the only benefit. The energy sector pays $86 million daily in taxes and royalties to the federal government. In 2012 alone, America’s energy companies paid more than $74 billion in federal and state taxes.

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