A new report has found that production from natural gas drilling of shale could create as many as 870,00 new jobs in the U.S. over the next four years. The report was released on the heels of an announcement by commerce officials in Texas that shale drilling by Eagle Ford could bring another 5,000 jobs to San Antonio, Texas, in the next three years.
According to the report by the management consulting agency IHS, gas from shale could not only be a major jobs creator in the country, but could also add $118 billion to economic growth by 2015.
John Larson, IHS's vice president, told Bloomberg Businessweek every position added by the drilling industry could create another three indirect jobs.
"Shale gas combines a capital-intensive industry with a broad domestic supply chain," Larson added. "We think that these jobs through 2015 are net new jobs because of high unemployment."
Meanwhile, former San Antonio Mayor Henry Cisneros said oil and gas development by Eagle Ford Shale could create a total of 10,000 new jobs in the city by 2014.
The heart of the shale lies under 22 counties in South Texas and is one of the largest in the county. Eagle Ford, owns more than 2,000 drilling permits in the state.