Hydraulic fracturing permits will open the path for Illinois to enjoy the incredible prosperity, job creation and consumer benefits of America's booming energy industry. A new report from the energy consulting group IHS shows that the surging production of shale oil and gas has already boosted U.S. household disposable income by an average of $1,200. The benefits of affordable and abundant domestic energy are being felt widely in the economy, especially for energy-intensive manufacturing industries such as petroleum refining, chemicals, aluminum, glass, cement and the food industry. We're now actually reversing the outsourcing of factory jobs-bringing them back from developing countries-because of this low-cost energy.
Abundant American natural gas will drive down costs to businesses giving us all less expensive consumer goods while also lowering household energy bills for families. This boom in wealth and job creation is expected to continue to at least 2025. Now the people of Illinois, including workers, property owners and employers, have an opportunity to benefit from the energy boom in the way that is now being experienced in Ohio, Pennsylvania, Texas, North Dakota and other states. The benefits of vast new streams of tax receipts on all levels of government will be felt almost immediately.
Gov. Pat Quinn says that the new law on hydraulic fracturing and directional drilling "enacts the nation's strongest environmental protections for hydraulic fracturing and has the potential to create thousands of jobs across Illinois." As co-chair of the GROW-IL coalition, I and our group will continue working with the Quinn administration and all parties to make sure the permit process is thorough but efficient so Illinoisans can save even more on their energy bills while creating jobs and growing our economy.
Vice president and COO
Illinois Manufacturers' Association