Through energy extraction methods such as fracking, energy companies have brought about the 21st century American energy renaissance. The benefits from this growth have directly passed on to American consumers and has boosted the U.S. economy. The Energy Information Administration estimates that the average American consumer saved $700 in 2015 on transportation fuel costs as a result of abundant energy. In addition, IHS estimated that average U.S. household income was $1200 higher in 2012 given lower home energy costs brought about by this development. By 2025, IHS estimated that that figure could reach $3500 a year.
In addition to consumer benefits, domestic energy exploration and infrastructure projects create a multitude of jobs for North America’s Building Trades Unions. Oftentimes, these projects form an energy hub by attracting other industries to invest in the region. Additional infrastructure investment provides needed jobs to the construction industry, and generates a cycle of building and maintenance projects that will sustain the building trades for decades to come.