The Center for Community and Business Research at The University of Texas at San Antonio Institute for Economic Development (UTSA) performed an economic study (press release here, full report here) of 14 counties in the Eagle Ford Shale area that estimates the economic impact from oil and gas drilling and production activities in South Texas.
In 2011, the companies operating in the region had significant impacts in the 14-county area and in the surrounding counties:
- More than $19.2 billion in output
- Approximately $10.5 billion in gross regional product
- $211 million in local government revenues
- $312 million in state revenues
- 38,000 full-time jobs
By the year 2021, the Eagle Ford Shale could produce close to $62.1 billion in output, support close to 82,600 full-time jobs, produce close to $34.0 billion in gross regional product, and add approximately $888 million in local governments’ revenues and $1.6 billion in state revenues.
MP: To put $62.2 billion of economic output into perspective, that would be as much or more economic activity in 2021 in the Eagle Ford Shale area of Texas than the entire Gross State Products of states like Vermont, Alaska, Wyoming, Montana, North Dakota and South Dakota (data here, assumes a 5% growth rate).
Drill baby drill.
The energy climate will change immediately after Romney wins–every stock and commodity trading desk in America (and around the rest of the planet) will carry the message of CHANGE in a heartbeat. Energy conditions and the energy climate (including pricing) will improve long before the first drop of crude is ever pumped. The end of the drought will be discounted over the next few years as plans and projections are announced and made public.
“could double by 2012” ???
It already IS 2012!
Sometimes it takes a little intuitive intelligence to spot a typo involving the date 2021.
Must be all that ethanol you are sipping.