Report: Pennsylvania Consumers Saved More Than $30 Billion over 10 Years from Lower Natural Gas Prices
Consumer Energy Alliance Examines Benefits of Energy Production to
Pennsylvania’s Families, Small Businesses and Manufacturers in New Report
Thanks to increased production and new technologies, which have
decreased the price of natural gas, Pennsylvanians saved more than $30.5
billion between 2006 and 2016, according to a new state report released
today by Consumer
Energy Alliance (CEA).
Residential users alone saved almost $13.3 billion, while commercial and
industrial users saved upwards of $17.2 billion, the report, titled “Everyday
Energy for Pennsylvania,” said. The analysis examined how the shale
revolution across the Marcellus region has provided benefits to the
Keystone State’s end-use energy consumers by boosting disposable income
and economic investment, as well as revitalizing communities.
CEA’s report examines the benefits of Pennsylvania’s energy production
and its role in providing reliable and affordable energy that keeps the
lives and the businesses of Pennsylvania moving. CEA continues to
strongly support the development of natural gas and other traditional
and alternative energy sources while urging policymakers to support the
state’s homegrown energy production to ensure Pennsylvania’s
hard-working families, seniors, households, and small businesses can
continue to enjoy the benefits that low prices are bringing to
communities.
Highlights from the report include:
-
Due to increased production and new technologies, Pennsylvania natural
gas consumers have saved over $30.5 billion between 2006 and 2016
simply as a result of the decreasing price of natural gas - with
residential users saving over $13.3 billion, while commercial and
industrial users saved over $17.2 billion.
-
In 2008, at the beginning of the shale revolution, prices for natural
gas in Pennsylvania peaked at $10.39 per thousand cubic feet and
steadily decreased to just $3.72 by 2016.
-
Half of all Pennsylvanians rely on natural gas as their primary
heating fuel and a growing number of electric generation facilities
are utilizing natural gas to power the state. Electricity accounts for
nearly half of the natural gas consumed in Pennsylvania.
-
Nearly 1.6 million Pennsylvanians, or 12.9 percent of the population,
live in poverty. On average, Pennsylvanians spent $3,108 for their
energy needs in 2016. For those living at or below the poverty line,
this translates to at least 25.6 percent of their income going toward
energy expenses.
-
Pennsylvania’s abundant energy resources have spurred economic
investment and brought jobs to the state. Studies have tallied nearly
322,600 jobs in Pennsylvania that provide nearly $23 billion in wages
to Pennsylvanians.
-
In 2017, the median annual salary for an employee at one of
Pennsylvania’s top oil and natural gas producers exceeded $113,000.
These wages support local economies and grow small businesses. In
fact, the report attributed almost $44.5 billion in economic impact
from the state’s oil and gas industry.
-
In 2017, high production rates in the Marcellus region generated high
demand for pipeline transport of natural gas supplies. Because of this
increase, Pennsylvania saw the oil and gas pipeline industry grow
153.5 percent – creating jobs for over 21,000 workers.
“This report highlights the benefits Pennsylvania’s communities are
receiving as a result of the state’s role in the U.S. energy revolution
and investment in our state’s energy infrastructure,” said Mike Butler,
CEA’s Mid-Atlantic Executive Director. “From the small family farms
sprinkled across rural Western Pennsylvania to the sprawling urban
industrial areas of Philadelphia and Pittsburgh, lower fuel prices have
helped Pennsylvanians save over $30 billion in the past decade. While it
is easy to take many of these benefits for granted, it is important to
remember that each of us has a stake in making sure we meet our energy
needs.”
Butler added, “Fortunately, the benefits from increased production of
Pennsylvania’s energy resources are not just limited to residential
consumer savings, energy development has also led to the increase in
economic investment and job creation we’ve seen over the past decade.”
“Despite the tremendous benefits and critical importance of energy
production to Pennsylvanians, the future of Pennsylvania’s energy is
threatened by out-of-state activists, some funded by foreign
governments, who continue working to eliminate the production of safe,
affordable sources of energy without offering any solutions that will
help meet consumer demand while also supporting our environmental goals.
CEA strongly encourages all of Pennsylvania’s elected leaders to embrace
the benefits and growth potential that all energy production, especially
natural gas, brings to families, farms, and factories throughout the
Keystone State.”
To view the report, click
here.
About Consumer Energy Alliance
Consumer Energy Alliance (CEA) brings together families, farmers, small
businesses, distributors, producers and manufacturers to support
America's energy future. With more than 500,000 members nationwide, our
mission is to help ensure stable prices and energy security for
households across the country. We believe energy development is
something that touches everyone in our nation, and thus it is necessary
for all of us to actively engage in the conversation about how we
develop our diverse energy resources and energy's importance to the
economy. Learn more at ConsumerEnergyAlliance.org.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180906005153/en/
Copyright Business Wire 2018
Source: Business Wire
(September 6, 2018 - 9:00 AM EDT)
News by QuoteMedia
www.quotemedia.com