New reports show that the energy sector, specifically in the field of hydro fracking, is seeing record job numbers. Bloomberg News reports that drilling for oil and natural gas in shale rock created 1.7 million jobs in the United States in 2012 – including all supporting industries like sand mining and accounting.
HIS Global Insight’s reports that the number of jobs tied to the mining procedure will reach 3.5 million by 2035. Jobs related to drilling for materials are especially expected to grow in the upcoming decades, said John Larson, a vice president at HIS and the study’s lead author, according to the news source.
"We look at this in the near term, and we believe that many of these jobs really are net new jobs because these individuals would not be able to find employment elsewhere," Larson told the news source. "These jobs tend to be higher paying."
Business Insider reports that mining jobs are on a 24-month hot streak of sequential increases. Over 4,000 jobs have been added during that time period and another 3,100 in supporting activities. Hydro fracking practices for oil and gas extraction efforts are fueling new industry employment highs.
Job growth among oil producers, according to Bloomberg News, will reflect capital costs to tap into shale rock. From 2012 to 2035, over $5.1 trillion is expected to be spent to attain oil and natural gas from what has traditionally been an unconventional mining process.
"We’re talking about what we perceive as a game changer in energy production for the United States," Larson said. "It’s a really rapid rise and a dramatic shift."
However, the ramp up is expected to increase at such a rate because demand has doubled. HIS projections are claiming that demand for natural gas, used to generate electricity, is expected to double in the next 20 years. In addition, natural gas exports are projected to reach around 4.3 cubic feet a day by 2020.
"We have a very, very detailed, bottom-up, build on a play-by-play basis around all this activity," Larson told the news source. "What you’re seeing here does not represent all resources. It only represents those resources brought to market as a commercially viable productive frontier given the market prices that we see."
In fact, even President Barack Obama has made statements about the growing industry of natural gas and oil mining efforts and the subsequent increase in jobs. In the January 2012 State of Union address, Obama claimed that fracking could support as many as 600,000 jobs by the end of the decade, according to the news source, and other experts have agreed with that statement.
The mining industry is seeing particular job growth in the fracking sector due to the increased demand for additional energy sources as the U.S. looks to develop at home resources. Forecasts are showing that experts believe the industry will continue to see addition growth in the upcoming years as demand continues to grow.
According to the U.S. Bureau of Labor of Statistics, the mining sector comprises all establishments that work to extract naturally occurring mineral solids, such as coal and ores, liquid materials like crude petroleum and gases. In November 2012, employment figures showed that there were 782,000 workers employed by the mining sector in the United States – up from 778,600 in October 2012. The industry currently has an unemployment rate of 5.6 percent - under the national average.