The Heartland Institue weighs in on the recent report, "What If ... America's Energy Renaissance Never Happened?" that says Ohio's economy would have been devastated without money generated from fracking shale.
The Heartland report starts:
"The U.S. Chamber of Commerce’s (USCC) Institute for 21st Century Energy released a report in September 2016 titled What If … America’s Energy Renaissance Never Happened? The report paints a bleak picture, describing the fictional economic environment of a post-2009 Ohio that was never lucky enough to have benefited from the U.S. 'energy renaissance' in oil and natural gas extraction, which is mainly the result of technological advancements in hydraulic fracturing and horizontal drilling.
"According to the USCC report, Ohio would have lost $9.9 billion in state gross domestic product (GDP), $5.8 billion in labor income, and more than 114,000 jobs if this energy revolution never came to be. Of the total costs, $2 billion in lost GDP, $1.4 billion in labor income, and 21,500 jobs would come directly from the oil and gas industry’s extraction process; the remaining economic costs would be the result of substantially higher energy costs."
Read the whole thing here.