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A recent study shows the U.S. fracking boom added 725,000 jobs nationwide between 2005 and 2012. U.S. fracking boom added 725,000 jobs -study By: Richard Valdmanis (Reuters) A U.S. oil and gas drilling boom fueled by hydraulic fracturing technology added about 725,000 jobs nationwide between 2005 and 2012, blunting the impact of the financial crisis, according to a study released on Friday. The findings could play into a debate over so-called fracking, in which water, sand and chemicals are injected into underground shale formations to produce oil and gas reserves that were otherwise inaccessible. Supporters and opponents of fracking have been debating over the degree to which fracking is benefiting the economy versus affecting the health and environment of our communities, Dartmouth College said in a press release outlining the research, which was led by some of its professors. Drilling activity has declined over the past several months due to sliding oil and gas prices. Researchers
Former steel CEO Dan DiMicco believes that creating 30 million jobs over the next 10 years will close the budget deficit and reduce unfunded entitlement liabilities. Dan DiMicco: Why American Made is the Answer By: Steve Minter Healthcare. Greenhouse gases. The deficit and taxes. There has been no shortage of domestic issues taking the spotlight in recent years. But Dan DiMicco, former CEO and chairman emeritus of steelmaker Nucor (IW 500/64), says those issues, while important, distracted U.S. leaders from focusing on the most important issue facing Americaan economic crisis caused by a lack of jobs. In his new book, American Made: Why Making Things Will ReturnUs to Greatness (Macmillan, 2015), DiMicco argues there is one number the country should keep in its sights. The number we need to focus on first and foremost is 30 million. Thats the number of jobs I believe the country needs to create by 2025 in order to close the federal governments budget deficit and begin reducing the
Oil firms in North Dakota are planning to retain their workers, hoping to be prepared for a rebound in prices. Many Oil Firms Plan No North Dakota Layoffs Despite Cheap Oil By: Ernest Scheyder (Reuters) WILLISTON, N.D., Feb 4 (Reuters) - Halliburton, Statoil ASA, Hess Corp and other North Dakota energy companies have decided, for now, not to lay off staff in the No. 2 U.S. oil producing state, hoping to be prepared for any prolonged rebound in crude prices. Many oil producers and their contractors are trying to strike a balance between cutting costs and maintaining workforce reserves after a more-than 50 percent drop in oil prices since last June. The drop has made some oil patch investors anxious that North Dakota could experience a third oil bust after slumps in the 1950s and 1980s. Local business leaders, though, say theyre confident the states economy can abide the slowdown. Indeed, oil prices are nothing if not volatile, up about 19 percent in the past four trading days after
As oil continues to fall, two of the largest oilfield service providers are cutting thousands of jobs. Halliburton, Baker Hughes to lay off thousands as oil slumps By:Swetha Gopinath and Shubhankar Chakravorty (Reuters) (Reuters) - Oilfield service providers Baker Hughes Inc and Halliburton Co plan to cut thousands of jobs as drilling activity slows further due to a steep fall in crude oil prices. Global oil prices have tumbled almost 60 percent since June, hitting five-year lows as growing production and tepid global demand has caused a supply glut and prompted oil producers to scale back spending. We expect our headcount adjustments to be in line with our primary competitors, Halliburtons Chief Operating Officer Jeffrey Miller said on a post-earnings call on Tuesday, without giving a specific number. The company, which employees more than 80,000 people, said it cut 1,000 jobs in its operations in the eastern hemisphere in the fourth quarter. Baker Hughes, which is being acquired
There remains a shortage of workers in the manufacturing industry with science, tech, engineering, and math skills. Pete Fehrenbach reports that high school graduates with STEM backgrounds are now in higher demand in the job market than college graduates without STEM skills. Attacking STEM At Its Roots By: Pete Fehrenbach The shortage of workers with STEM skills, an issue that has dogged U.S. manufacturers on and off for decades, has come roaring back into play as the economy has rebounded from the Great Recession. In fact, this shortage has grown so pronounced that, by one prominent measuring stick, high school graduates with STEM backgrounds are now in higher demand in the job market than college graduates who dont have STEM skills. That counterintuitive flip-flop is a key finding of a new Brookings Institution report, Still Searching: Job Vacancies and STEM Skills. The report notes that STEM job openings requiring only a high school diploma or associate degree take an average
The energy boom is spurring the economy in some of the places that were hit hardest by the recession. In Ohio, unemployment rates are falling as sectors from manufacturing to law are being reshaped, and residents are showing less opposition to controversial fracking techniques as it brings desperately needed jobs. Boom in Energy Spurs Industry in the Rust Belt By: Nelson D. Schwartz YOUNGSTOWN, Ohio Waist-high weeds and a crumbling old Chevy mark the entrance to a rust-colored factory complex on the edge of town here, seemingly another monument to the passing of the golden age of American industry. But deep inside the 14-acre site, the thwack-thwack-thwack sound of metal on metal tells a different story. Were holding our own, said Greg Hess, who is looking to hire draftsmen and machine operators at the company he runs, Youngstown Bending and Rolling. I feel good that we saved this place from the wrecking ball. The turnaround is part of a transformation spreading across the heartland
From 2012 to 2013, Ohio experienced the largest percentage increase in natural gas production in the states history. Now, lawmakers are lobbying for new legislation that would lift restrictions on US exports and could bring 16,000 jobs and over $2 billion in revenue to the state economy by 2020. Study: Ohio could add 16,000 jobs, $2.68 billion to the state economy By: Marc Kovac COLUMBUS An update on lawmaker action and other activities at the Ohio Statehouse related to horizontal hydraulic fracturing: New Study: A report by ICT International and EnSys Energy and touted by the American Petroleum Institute projected that Ohio could add nearly 16,000 jobs and $2.68 billion to the state economy by 2020 if restrictions on U.S. crude exports were lifted. Restrictions on exports only limit our potential as a global energy superpower, Chris Zeigler, API-Ohios executive director, said in a released statement. Additional exports could prompt higher production, generate savings for consumers
The most recent numbers from The Institute for Supply Management-Chicago have been released. Midwestern Manufacturing Activity Highest Since May By: Dan Burns The pace of business activity in the U.S. Midwest in August rebounded more than expected from the month before, signaling a pickup in that regions economy, a report showed on Friday. The Institute for Supply Management-Chicago business barometer shot up to a three-month high of 64.3 in August from 52.6 in July. To read the rest of this article, visit Fox Business.
In this piece from the Washington Examiner, Sean Higgins explains why as many as one million new manufacturing jobs could be created in the U.S. by 2025. Study finds fracking could revive manufacturing By: Sean Higgins As many as one million new manufacturing jobs could be created in the U.S. by 2025 thanks to the abundance of natural gas now available because of advances in fracking technology. Thats according to Shale Gas: A Game Changer for U.S. Manufacturing, a study released late last month by the University of Michigan. The study found that decreases in the cost of natural gas will boost energy-intensive manufacturing sectors that produce such materials as steel, glass and paper. That in turn will lower costs for manufacturers who use those items by an estimated $12 billion annually. To read the rest of this article, visit the Washington Examiner.
The oil boom in the United States has contributed a vast volume of jobs over the past few years. According to David Blackmon, the new found oil rush will continue to be an economic driver for the US economy both nationally and internationally. In this article, Blackmon outlines the impact of the growing gas industry both through direct jobs and indirect jobs, as employment rates in states involved in the oil industry are outperforming the national average. Oil and Gas Boom 2014 : Jobs, Economic Growth, and Security By: David Blackmon Despite all the climate-based hysteria put out into the public domain in recent weeks attacking the oil and natural gas industry (even the Weather Channel got into that act recently), three key factors continue to give policymakers pause about acting in ways that would negatively impact the ongoing boom. Those factors are: Jobs Ancillary stimulative impacts on other industries; and National Security. The reality for the United States is that the