Report: U.S. economy is feeling benefits of oil, gas drilling boom

09/4/2013 | Bloomberg

The U.S. economy is feeling the positive impact of the domestic oil and natural gas boom brought about by hydraulic fracturing, a report commissioned by the American Chemistry Council, the American Petroleum Institute and other groups determined. Last year, increased energy production put almost $75 billion in federal and state coffers and increased household income by more than $1,200, according to the report from IHS CERA. "What really surprised me was how powerful an impact it is having to such a broad base of the economy," said John Larson, vice president of economics and public sector consulting for IHS CERA.

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