North Dakota and Pennsylvania may be the first states that come to find when one thinks about fracking, but natural gas consumers in those states are not the top beneficiaries of the hydraulic fracking and horizontal drilling revolution.
Nope. As it turns out, consumers who have reaped the biggest reward from the fracking boom are right here in New Jersey, where nearly 3 in 4 residents heat their homes with natural gas.
Calculating from data provided by the Energy Information Administration (EIA), New Jersey has “netted over $11.5 billion dollars of savings” since the fracking boom began in earnest in 2008 resulting in dramatically lower natural gas prices. These savings are roughly “akin to a 22% tax cut for these businesses and individuals” in New Jersey, according to Tom Shepstone of Shepstone Management.
Here’s how the savings break down:
- Residential consumers in New Jersey have saved $3.98B
- Utilities have saved $3.98B by relying more on natural gas to produce electricity
- Commercial consumers have saved $2.66B
- Industrial consumers have saved $900B
Despite the clear benefits to New Jersey families and industry, radical environmentalist groups like the Sierra Club along with their allies in the state Legislature continue to push to for a misguided ban on fracking in New Jersey. Likewise, environmentalist groups continue to wage a crusade against fracking across the country, determined to devastate one of the few prosperous and productive sectors of the nation’s economy.