Increased production of oil and natural gas in America is very good news for American families. Energy prices go down and more jobs provide more income, this we know.
IHS has researched what those results will actually look like in terms of dollars for families:
"Robust energy production will increase wages, cut energy and manufacturing costs and add as much as $2,000 a year to each family's income by 2015 . . . " In 2013, the value added to an average household was about $1200.
Why is this happening? Because oil and natgas production has become much more productive, i.e. more energy can be made with less expenditure of resources (money, labor).
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