The U.S. would have bled millions of jobs and the economy would have contracted by $548 billion were it not for the explosion in oil and gas development, according to a report by an energy industry group.
An analysis by the U.S. Chamber of Commerce found that the natural gas revolution generated more than 4.3 million jobs and injected nearly half a trillion dollars into the economy. It also determined that all those jobs would have been lost had the so-called “Keep it in the Ground” movement succeeded in suffocating the oil revolution.
The group compared data from 2015 to similar data in 2009, when the public first began to notice a massive uptick in energy production. Analysts used models comparing capital investments, energy prices, among other key indicators, to estimate the “multiplier” effects of dramatic energy sector growth.
“The ‘Keep it in the Ground’ movement completely ignores the vast benefits to our nation’s economy that the energy renaissance has brought to us,” Karen Harbert, Chamber of Commerce CEO, said in a press statement Thursday.
She added: “It costs consumers less to drive a car and heat their homes today. And all the while, our nation has been decreasing its energy imports and lowering emissions.”
The group’s analysis also broke down the effects the uptick in energy production has had on battleground states leading up to the national election.