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Energy produced from shale deposits by hydraulic fracturing continues to create jobs far from the drill site. The latest example: Improved economics have allowed for a deal to keep a Philadelphia refinery open, which means 850 workers will keep their jobs – and the facility’s new majority partner says hundreds more could be added if plans to expand production come to pass. Philly.com had the story last week.
Those refinery employees – and the local/regional economy that is supported by the installation, as many as 10,000 indirect jobs by one estimate – can thank the Carlyle Group, and they can also thank the Marcellus Shale. Philly.com:
"Carlyle officials say they are 'reimagining' the business to exploit new, cheaper domestic sources of crude oil to replace expensive imported petroleum, a major reason the refinery was uncompetitive. … Carlyle, which will have a majority interest in the venture and operate the refinery, also plans to increase dramatically the use of low-priced natural gas from Pennsylvania's booming Marcellus Shale region to reduce refining costs and emissions. 'We believe the changing nature of the energy paradigm in the U.S., coupled with a redefined operating model, can truly benefit this refinery,' Carlyle managing director Rodney S. Cohen said."
The Philadelphia story illustrates what some have been talking about when they laud the game-changing nature of energy from shale. It’s creating jobs (and saving them), reducing costs to manufacturers and helping them create jobs, reinvigorating the chemicals industry and more. It’s abundant and affordable energy that’s also helping out consumers.
We’ve seen the shale energy stimulus rippling through states like North Dakota, Texas and Pennsylvania. Ohio is gearing up for its own economic wave from shale. As for the Philadelphia refinery, studies, analyses and projections about shale energy are to become reality – real jobs, held by real people, saved.
Because of energy from shale.
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