Fracking Saved Illinois Billions Over the Past Decade

Fracking Saved Illinois Billions Over the Past Decade

July 1, 2020

Right now, perhaps more than ever, Americans need savings. The oil and natural gas industry has always produced for the American economy, generating millions of jobs and billions of dollars in revenue. Over the past decade, it has also saved Illinois residents and businesses $24 billion. These are the kinds of savings that all Americans need as we recover from Covid-19’s economic fallout.

piece from The Heartland Institute states: 

The massive increase in domestic shale development, led by hydraulic fracturing (“fracking”), has caused natural gas prices to plummet in Illinois, according to a report from the Consumer Energy Alliance (CEA). Consequently, residents and businesses in the Land of Lincoln saved more than $24 billion from 2007 to 2017.

These savings are especially important for Illinois, as 1.6 million of their residents live in poverty. A quarter of every paycheck goes toward energy costs for these Illinoisans who live at or below the poverty line. In addition to these crucial savings, commercial and industrial consumers saved $13.8 billion. 

In 2015, the oil and natural gas industry supported 234,600 jobs in Illinois and contributed $33.35 billion to the state’s economy. The industry also produced $14.8 billion in labor income, increase the average income by 7 percent, increased employment by 10 percent, and delivers $1,300 to $1,900 in annual benefits to local households. Still, at a time when America is desperate for these types of results, those on the left are working to dismantle the industry.

“This report demonstrates how Illinois’ families, farmers and small businesses benefit from an all-of-the-above energy strategy that continues to emphasize the importance of natural gas in benefiting Illinois – especially during these uncertain economic times for our communities,” said CEA Midwest Director Chris Ventura in an accompanying press release. “Even during our recovery from the global pandemic, we are still seeing activists attack and try to stop natural gas use without providing any real alternative or solution to meet their energy needs.”

It has never been more important for America to embrace the oil and natural gas industry. Millions of families and billions of dollars in revenue depend on its encouragement, and Illinois is just another example of the industry giving back to the communities and people who support it. Hopefully, this support grows on a more national scale as America continues to recover from this crisis.