NEW YORK, May 22, 2013 /PRNewswire/ -- The rapid increase in natural gas, natural gas liquids, and crude oil production from onshore domestic shale formations has been positive for revenue, costs, and credit quality in many corporate industry sectors, while materially hurting others. The impact on some other important areas of the economy has been mixed. A report released by Standard & Poor's Ratings Services, titled "Game Changer: Industry Winners And Losers From The U.S. Shale Revolution," looks at the effects of the shale boom--whether they be positive, negative, or mixed--on a variety of industries.
"The surge in shale energy production across a broadening swath of the U.S. is not only spurring the growth of the oil and gas sector and the economy as a whole, but is also affecting the economics, financial performance, and credit metrics of over 20 other industries," noted David Wood, a managing director in Standard & Poor's Corporate Ratings group. "Barring any major environmental accidents related to onshore shale drilling, which could slow or reverse industry growth, we expect the U.S. to approach energy self-sufficiency toward the end of this decade."
Standard & Poor's believes that the shale energy boom is becoming an increasingly important pillar of U.S. economic growth. The rapid rise in domestic oil and gas production represents a major reversal from the trend in declining output that the country had experienced for several decades prior to the mid 2000s--a period in which the U.S. had come to increasingly rely on imports. Estimates that the boom has created over one million new shale-related jobs in the U.S., along with forecasts that the country is likely to become energy self-sufficient in the next few years, indicate the size and effects of this phenomenon.
SOURCE Standard & Poor's
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