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GeoComp Energy
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Last year, fracking supported 2.1 million jobs and contributed $284 billion to the U.S. economy. As a result of our #fracking  successes, America has achieved the highest levels of oil production in 25 years.

The increase in domestic crude and natural gas production has made the United States more energy independent.

In 2005, America imported 60% of its petroleum products. That number is now down to 28%.

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Lifting the 1970s-era restrictions on US crude oil exports would lower gasoline prices and reduce US petroleum imports while supporting up to 964,000 additional jobs. #oilexports

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During the first five years of the Obama administration, economic growth averaged a dismal 1.2%, and only 2.2% in the four years since the recovery from the Great Recession began. 

According to the well-regarded economic-analysis firm IHS, the contribution to GDP from the development of unconventional oil and gas is now running at more than 2.5% of GDP per year and rapidly growing. 

This addition to GDP is expected to peak in 2016 at about 3.2 of GDP, and thereafter reach a permanently higher, steady state, which would not have occurred without unconventional oil and gas production.

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In the United States, electricity prices are falling thanks to  #naturalgas  derived from #fracking .

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If U.S. lawmakers reverse a 40-year ban on oil exports it would add more than $1 trillion to government revenues through 2030, trim fuel prices, and add an average of more than 300,000 jobs a year.

Furthermore, gasoline prices would fall some 8 cents a gallon because overturning the ban would pour crude onto oil markets and lower global fuel prices.

Government revenues from energy-related taxes and royalties would increase $1.3 trillion from 2016 to 2030. Jobs during that period, in both crude production and at oil field service companies, would rise an average of 340,000 a year and peak at an additional 964,000 in 2018.

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A report by the National Association of Counties (NACO) uncovered some very interesting discoveries regarding the nation’s economic recovery on both a state and county level.

According to NACO’s findings, the recession had no impact on dozens of counties throughout the U.S. These counties, of course, are typically characterized by oil and gas production.   

The study highlights that the majority of counties in the U.S. are still facing the aftermath of the recession and have a long way to go before they recover. Unfortunately, these struggling counties are not benefiting from America’s economic bright spot - #oil  and #gas.

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Even Jeopardy is taking notice of #shale production's affect on North Dakota's economy.

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The six major shale regions in the U.S. account for 95% of the nation's oil production growth as drilling efficiency is improving. Furthermore, the U.S. is home to more than half of the world's operating rigs.

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The Commerce Department recently announced that the U.S. economy only grew 1.9% in 2013. That's almost one full percentage point below the 2012 growth rate. 

Research from the Energy Department shows that exporting natural gas would result in a $10 billion to $30 billion increase in new economic activity. 

With current projections for unhindered natural gas exports ranging from $13 billion to $25 billion, fully rescinding export restrictions could generate as many as 150,000 new positions here at home. #lng  
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